Joseph is 55 years old. His employer provides group term life insurance as a fringe...
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Accounting
Joseph is 55 years old. His employer provides group term life insurance as a fringe benefit to all employees. If Joseph dies, his wife would collect $200,000. The employers cost for Josephs coverage if $1,200 but it requires Joseph to pay $200 of that amount. Compute the amount Joseph must include in gross income in the current year.
Current year is 2022.
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