1. General Motors offers this employee group term life insurance (GTLI) with a face amount of $100,000, General Motors paid $100 per $10,000 of face amount per year (i.e., $1000) for the GTLI. What will be the yearly personal income tax liability for this employee? a. $0 b. $150 c. $300 d. $15,000 e. $30,000 2. General Motors provides long term disability insurance for this employee. The contract states that this employee will earn $3000 per month ($36,000 per year) if they become disabled. General Motors paid the entire premium cost of $1000 per year. If this employee should become disabled, what would be their yearly personal income tax liability2.

1. General Motors offers this employee group term life insurance (GTLI) with a face amount of $100,000, General Motors paid $100 per $10,000 of face amount per year (i.e., $1000) for the GTLI. What will be the yearly personal income tax liability for this employee? a. $0 b. $150 c. $300 d. $15,000 e. $30,000 2. General Motors provides long term disability insurance for this employee. The contract states that this employee will earn $3000 per month ($36,000 per year) if they become disabled. General Motors paid the entire premium cost of $1000 per year. If this employee should become disabled, what would be their yearly personal income tax liability2.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

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