Question

Betty has group term life insurance coverage that is equal to four times her annual salary...

Betty has group term life insurance coverage that is equal to four times her annual salary of $150,000 per ear by her employer. Betty did not pay anything towards the cost of her insurance. How much does Betty need to include in her 2020 gross income?

Please show your work.

Homework Answers

Answer #1

Please give positive rating your feedback is valuable to me.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Betty has group term life insurance coverage that is equal to four times her annual salary...
Betty has group term life insurance coverage that is equal to four times her annual salary of $150,000 per ear by her employer. Betty did not pay anything towards the cost of her insurance. How much does Betty need to include in her 2020 gross income?
Finch Corporation has a group term life insurance policy with coverage equal to half the employee’s...
Finch Corporation has a group term life insurance policy with coverage equal to half the employee’s annual salary. Keith, age 66, is president of the corporation and receives an annual salary of $100,000. How much is Keith required to include in gross income from the insurance protection for the year? Assume cost per $1,000 of Protection for One-Month Period is $1.27.
Renee age 37 begins a new job and is offered group term life insurance at her...
Renee age 37 begins a new job and is offered group term life insurance at her company. Her salary will be $125,000 per year and the company provides at no charge group term life insurance of 1x annual salary. She also has the option to purchase, and pay a monthly premium via salary deduction for up to 4 x salary with no medical exam. She can also purchase up to 10 x her salary but must provide evidence of insurability....
In 2019, Iris collected $150,000 on her deceased husband’s life insurance policy. The policy was purchased...
In 2019, Iris collected $150,000 on her deceased husband’s life insurance policy. The policy was purchased by the husband’s employer under a group policy. Iris’s husband had included $5,000 in gross income from the group term life insurance premiums during the years he worked for the employer. Iris also received a separate inheritance from her husband of $70,000 and a gift of $30,000 from her brother. Iris, who is currently in perfect health, also sold a life insurance policy on...
1. Meg’s employer carries insurance on its employees that will pay an employee his or her...
1. Meg’s employer carries insurance on its employees that will pay an employee his or her regular salary while the employee is away from work due to illness. The premiums for Meg’s coverage were $1,800. Meg was absent from work for two months as a result of a kidney infection. Her employer’s insurance company paid Meg's regular salary of $8,000 while she was away from work. Meg also collected $2,000 on a wage continuation policy she had purchased. Meg must...
Dow, 42, is a manager for Winter Company. In addition to his $89,000 salary, he receives...
Dow, 42, is a manager for Winter Company. In addition to his $89,000 salary, he receives the following benefits from Winter during the current year: Winter pays all its employees' health and accident insurance. Premiums paid by Winter for Dow's health insurance are $1,200. Winter provides all employees with group term life insurance coverage equal to their annual salary. Premiums on Dow's $89,000 in coverage are $890. Winter has a flexible benefits plan in which employees may participate to pay...
John Hoover, age 35, has $70,000 of protection under his employer's group term life insurance plan,...
John Hoover, age 35, has $70,000 of protection under his employer's group term life insurance plan, for which he makes a monthly contribution of $1.50. His wife is named as beneficiary. The actual cost to the employer for his protection is $.20 per month per $1,000 of insurance, and the uniform premium for group term insurance under the Internal Revenue Code is $.09 per month per $1,000 of insurance. Under Sec. 79, what is the annual amount that Hoover, who...
Joetta Hernandez is a single parent with two children and earns ​$56,500 a year. Her​ employer's...
Joetta Hernandez is a single parent with two children and earns ​$56,500 a year. Her​ employer's group life insurance policy would pay 2.5 times her salary. She also has ​$75,333 saved in a​ 401(k) plan, ​$6,278 in mutual​ funds, and a ​$3,767 CD. She wants to purchase term life insurance for 15 years until her youngest child is​ self-supporting. She is not concerned about her outstanding​ mortgage, as the children would live with her sister in the event of​ Joetta's...
Q11-4: Last Group has a rental cost of €25,000 per month with a four-year lease term....
Q11-4: Last Group has a rental cost of €25,000 per month with a four-year lease term. Casual staff are employed on a weekly basis to carry out telephone sales. The cost of casual staff is €12,000 per month and telephone call costs are €5,000 per month. An offshore call central point has offered to carry out the telephone sales activity from its own premises and using its own staff and telephone services for a fixed payment of €15,000 per month....
Sonja, age 25, recently purchased a $100,000 ordinary life insurance policy on her life. The waiver-of-premium...
Sonja, age 25, recently purchased a $100,000 ordinary life insurance policy on her life. The waiver-of-premium rider and guaranteed purchase option are attached to the policy. For each of the following situations, indicate the extent of the insurer’s obligation, if any, to Sonja or to Sonja’s beneficiary. Identify the appropriate policy provision or rider that applies in each case. Treat each event separately. a. Sonja fails to pay the second annual premium due on January 1. She dies 15 days...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT