son.3 You are the sole wage earner In a "typical family," with $100,000 gross annual Income. Use the Income replacement method todetermine how much life Insurance you should carry. (Omit the "$" sign in your response.)Value of Insurance$

Life insurance is an important financial tool that provides financial protection to your loved ones…

Answered: You are the sole wage earner in a…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter11: Individuals As Employees And Proprietors

Section: Chapter Questions

Problem 15P

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Belinda, a 55 year old single woman with no dependents, has a $75,000 group term life insurance policy through her employer. Her employer pays the premiums on Belinda's group term life insurance policy. How much per year will Belinda have to include into her gross income associated with the cost of this insurance? Assume the cost of this insurance is $0.43 per month per $1,000 of coverage. Multiple Choice $0 $65 $129 None of the above
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Doc White gave you a rough "rule of thumb" for determining your life insurance needs, based on your annual salary Assume that Pete has an annual salary of $80,000. What is the rough range of life insurance coverage that Pete should have according to this rule? A. $400,000 to $800,000 OB. $400,000 to $480,000 OC. $160,000 to $480,000 OD. $160,000 to $800,000

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You are the sole wage earner in a "typical family," with $100,000 gross annual Income. Use the Income replacement method to determine how much life Insurance you should carry. (Omit the "$" sign in your response.) Value of Insurance $