Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. phillip, who is 35 years old, receives group-term

Phillip, who is 35 years old, receives group-term life insurance coverage of $75,000 and contributes...

60.1K

Verified Solution

Question

Accounting

Phillip, who is 35 years old, receives group-term life insurance coverage of $75,000 and contributes $25 per year on an after-tax basis toward the premium cost. What is his annual taxable income for this benefit?

a. $74 b. $99 c. $33 d. $2

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

do all microbes present in human milk only have the ability to be beneficial? what about harmful?...

General Management
1.2K views

The following table presents the orders of Samson Company for the last 36 months (3 years). Month Order...

Biology
1.2K views

OHydroxyapatite consists of crystals of calcium and phosphorus a True b False

Physics
1.2K views

Current is passed through a metallic wire heating it red When cold water is poured...

Basic Math
1.2K views

Select 4 numbers that are equal to 10 0 06 0 60 6 60 6...

Calculus
1.2K views

Follow the steps for graphing a rational function to graph the function G x OD...

Accounting
1.2K views

2019 Amna owns undeveloped land with an adjusted basis of $137,500....

Accounting
1.2K views

Assets are resources owned by a business that provide future services or benefits to the...

Accounting
1.2K views

PLEASE HELP ME WITH THIS CLOSING TRIAL BALANCE Show all imagesShow all imagesShow all...

Accounting
1.2K views

Prepare the journal entries to record the assignment of (1) raw materials, (2) factory labor,...

Finance
1.2K views

McGraw Bank and Trust has interest-sensitive assets of Ghs225 million and interest-sensitive liabilities of Ghs168...

Finance
1.2K views

Please fill in each with the answer bank provided. Match the type of...