39. Annie is covered by a $200,000 group-term life insurance policy of which he beneficiary. Annie's employer pays the entire premium for the policy, for which table factor is $0.75 per $1,000 per month of coverage. How much, if any, of the life insurance is included in Annie's gross income on an annual basis? a. $0. b. $450. c. $1,350.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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39. Annie is covered by a $200,000 group-term life insurance policy of which her daughter is the sole
beneficiary. Annie's employer pays the entire premium for the policy, for which the uniform premium
table factor is $0.75 per $1,000 per month of coverage. How much, if any, of the cost of the group-term
life insurance is included in Annie's gross income on an annual basis?
a. $0.
b. $450.
c. $1,350.
d. $1,800.
Transcribed Image Text:39. Annie is covered by a $200,000 group-term life insurance policy of which her daughter is the sole beneficiary. Annie's employer pays the entire premium for the policy, for which the uniform premium table factor is $0.75 per $1,000 per month of coverage. How much, if any, of the cost of the group-term life insurance is included in Annie's gross income on an annual basis? a. $0. b. $450. c. $1,350. d. $1,800.
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