information [The following information applies to the questions displayed below) LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation to save the environment) by providing them with transit passes at a cost of $297 per month. a. If LaMont receives one pass (worth $297) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income Required information [The following information applies to the questions displayed below) LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $297 per month b. If the company provides each employee with $297 per month in parking benefits, how much of the parking benefit must Lamont include in his gross income each year? Parking benefit to be included in gross income Gray's employer is now offering group-term life insurance. The company will provide each employee with $100,000 of group-term life insurance. It costs Gray's employer $300 to provide this amount of insurance to Gray each year Assuming that Gray is 52 years old, determine the monthly premium that Gray must include in gross income as a result of receiving the group-term life insurance benefit. Use Exhibit 12-08 (Round your answer to two decimal places.) Monthly premium EXHIBIT 12-8 Uniform Premiums for $1,000 of Group Term Life Insurance Protection Table Summary: Chart shows cost per $1,000 of life insurance protection for one month per 5 year age bracket. Cost per $1,000 of Protection for One 5-Year Age Bracket Month Under 25 $0.05 25 to 29 .06 30 to 34 .08 35 to 39 09 40 to 44 .10 45 to 49 15 50 to 54 .23 55 to 59 .43 60 to 64 66 65 to 69 1.27 70 and above 2.06 Source: Reg. $1.79-3(d)(2)