Michael participates in the group insurance plan offered by his employer. He contributes $162 throughpayroll deduction. His tax rate is 45%. The annual premium for $45,000 of life insurance is $540, of whichthe employer pays 70% (.e.. $378). The employer adds a taxable benefit to Michael's annual income.On his death, what amount will Michael's estate receive?Select one:a. $45.000b. $13.500C. $24,750d. $31.500

Life insurance is quite necessary in today's life due to risk involved in the life of a person and…

Michael participates in the group insurance plan offered by his employer. He contributes $162 throug payroll deduction. His tax rate is 45%. The annual premium for $45,000 of life insurance is $540, of whi the employer pays 70% (.e., $378). The employer adds a taxable benefit to Michael's annual income. On his death, what amount will Michael's estate receive? Select one: a. $45.000 b. $13.500 c. $24,750 d. $31.500

Michael participates in the group insurance plan offered by his employer. He contributes $162 throug payroll deduction. His tax rate is 45%. The annual premium for $45,000 of life insurance is $540, of whi the employer pays 70% (.e., $378). The employer adds a taxable benefit to Michael's annual income. On his death, what amount will Michael's estate receive? Select one: a. $45.000 b. $13.500 c. $24,750 d. $31.500

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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[The following information applies to the questions displayed below.] In 2023, LeSean (age 59 and single) has earned income of $4,800. He also has $31,700 of unearned (capital gain) income. c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 2023 if he has earned income of $15,300? Maximum deductible IRA contribution
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