Question: Mrs F age 57 participates in the group term life insurance

Mrs. F, age 57, participates in the group-term life insurance plan sponsored by her corporate employer. According to Treasury tables, the cost of $1,000 of life insurance for a 57-year-old person is 43 cents per month. Determine the taxable income that Mrs. F must recognize assuming that:
a. The plan provides $40,000 coverage.
b. The plan provides $275,000 coverage.

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  • CreatedNovember 03, 2015
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