Joe and Maggie have life insurance through their employers equal to two times their annual salaries. Joe, age 37, has an annual salary of $56,000 and Maggie, age 34, has an annual salary of $59,000. The annual cost of the group term insurance is $20 for each employee.

Table 1 Rates for Group Term Insurance

5-year age bracket	Cost/$1,000 insurance for 1 month period
Under 25	$0.05
25 to 29	$0.06
30 to 34	$0.08
35 to 39	$0.09
40 to 44	$0.10
45 to 49	$0.15
50 to 54	$0.23
55 to 59	$0.43
60 to 64	$0.66
65 to 69	$1.27
70 and above	$2.06

What is the amount of tax-free coverage for each?

What is the taxable amount of coverage for each?

What is the Table 1 monthly cost of the taxable benefit for each?

What is the Table 1 annual cost of the taxable benefit for each?

What is the annual taxable amount of the benefit for each?