Wang is a 43 - year old computer programmer who earns an annual salary of $80,000. His employer provides group - term life insurance coverage at twice the annual salary for all employees. The annual amount of income for each $1,000 of taxable insurance coverage for an individual 43 years old is $1.20. How much gross income must Wang report for this benefit? Group of answer choices $0 $132 $192 $96

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Wang is a 43 - year old computer programmer who earns an annual salary of $80,000.
His employer provides group - term life insurance coverage at twice the annual salary
for all employees. The annual amount of income for each $1,000 of taxable insurance
coverage for an individual 43 years old is $1.20. How much gross income must Wang
report for this benefit? Group of answer choices $0 $132 $192 $96
Transcribed Image Text:Wang is a 43 - year old computer programmer who earns an annual salary of $80,000. His employer provides group - term life insurance coverage at twice the annual salary for all employees. The annual amount of income for each $1,000 of taxable insurance coverage for an individual 43 years old is $1.20. How much gross income must Wang report for this benefit? Group of answer choices $0 $132 $192 $96
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