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?
Sorry i took a screenshot from a PDF file that's why it's unclear. i copied and past the whole picture, i hope it's helpful.
Chapter 44 Group Term Life Insurance 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 CO 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? Chapter 44 Group Term Life Insurance 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 CO 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
