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your company provides group term life insurance to its employees. you, a newly promoted manager, received $200,000 in coverage, at a cost to your company of $1,900. The IRS Premiums rate used in these calculations (based on your age) is $9 a year. How much of the premiums must you include in gross income? A. $1,350 explain why this is correct answer

your company provides group term life insurance to its employees. you, a newly promoted manager, received $200,000 in coverage, at a cost to your company of $1,900. The IRS Premiums rate used in these calculations (based on your age) is $9 a year. How much of the premiums must you include in gross income? A. $1,350 explain why this is correct answer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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your company provides group term life insurance to its employees. you, a newly promoted manager, received $200,000 in coverage, at a cost to your company of $1,900. The IRS Premiums rate used in these calculations (based on your age) is $9 a year. How much of the premiums must you include in gross income? A. $1,350 explain why this is correct answer
Transcribed Image Text:your company provides group term life insurance to its employees. you, a newly promoted manager, received $200,000 in coverage, at a cost to your company of $1,900. The IRS Premiums rate used in these calculations (based on your age) is $9 a year. How much of the premiums must you include in gross income? A. $1,350 explain why this is correct answer
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