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Please be sure your answers are right, thank you 6. Corp. A purchases and pays 100% of the premium cost for group term life insurance
Please be sure your answers are right, thank you
6. Corp. A purchases and pays 100% of the premium cost for group term life insurance on all of its employees. Employee Anne Able, age 56, has a policy providing $89,200 of coverage. Assume that Corp. A pays $240 actual premium cost for Anne's policy for the year. Based on the above data, Corp. A will include what amount, if any, of additional taxable income on Anne's W-2 for the year? A $240 B 0 210 D 260 E None of the above 7. Frank Foster is a full time student attending VCU with a major in accounting. During the year, Frank received amounts as set out below. $5,000 scholarship provided by VCU -- $3,000 designated for tuition and $2,000 designated for room and board. $4,500 payment from VCU for part-time clerical work in an academic office $6,000 aid from his parents $5,000 from two off-campus part time jobs What is the amount of Frank Foster's gross income for the year? $ 9,500 B 7,000 4,500 D 11,500 E None of the above
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