Joe and Maggie have life insurance through their employers equal to two times their annual salaries....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Joe and Maggie have life insurance through their employers equal to two times their annual salaries. Joe, age 37, has an annual salary of $56,000 and Maggie, age 34, has an annual salary of $59,000. The annual cost of the group term insurance is $20 for each employee. Table 1 Rates for Group Term Insurance Cost/$1,000 insurance for 5-year age bracket 1 month period Under 25 25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64 65 to 69 70 and above $0.05 $0.06 $0.08 $0.09 $0.10 $0.15 $0.23 $0.43 $0.66 $1,27 $2.06 What is the amount of tax-free coverage for each? What is the taxable amount of coverage for each? What is the Table 1 monthly cost of the taxable benefit for each? What is the amount of tax-free coverage for each? What is the taxable amount of coverage for each? What is the Table 1 monthly cost of the taxable benefit for each? What is the Table 1 annual cost of the taxable benefit for each? What is the annual taxable amount of the benefit for each? Joe and Maggie have life insurance through their employers equal to two times their annual salaries. Joe, age 37, has an annual salary of $56,000 and Maggie, age 34, has an annual salary of $59,000. The annual cost of the group term insurance is $20 for each employee. Table 1 Rates for Group Term Insurance Cost/$1,000 insurance for 5-year age bracket 1 month period Under 25 25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64 65 to 69 70 and above $0.05 $0.06 $0.08 $0.09 $0.10 $0.15 $0.23 $0.43 $0.66 $1,27 $2.06 What is the amount of tax-free coverage for each? What is the taxable amount of coverage for each? What is the Table 1 monthly cost of the taxable benefit for each? What is the amount of tax-free coverage for each? What is the taxable amount of coverage for each? What is the Table 1 monthly cost of the taxable benefit for each? What is the Table 1 annual cost of the taxable benefit for each? What is the annual taxable amount of the benefit for each?
Expert Answer:
Answer rating: 100% (QA)
For Joe Joe age is 37 and his annually sallary is 56000 the cost of group term insurance is 20 per employee annually Wich is 2012 167 pm joe falls in age bracket of 3539 with cost rate of 009 1000 of ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these finance questions
-
1: In which case concerning the freedom of speech did Justice Oliver Wendell Holmes famously argue that the First Amendment wouldn't protect somebody yelling "fire" in a crowded theater? 2: When...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
When would you suggest that an organization engage in workflow analysis?
-
AVX Stereo Equipment, Inc., recently began a "no-hassles" return policy. A sample of 500 customers who recently returned items showed 400 thought the policy was fair, 32 thought it took too long to...
-
Sales Returns and Allowances is debited for the amount of the sale, including the sales tax on that amount. True/False
-
Explain how governments can use indirect intervention to influence exchange rates, and
-
Use Solver to create a Sensitivity Report for question 15 at the end of Chapter 3, and answer the following questions: a. Is the solution degenerate? b. Is the solution unique? c. Explain the signs...
-
Solano Company has sales of $700,000, cost of goods sold of $470,000, other operating expenses of $50,000, average invested assets of $2,100,000, and a hurdle rate of 9 percent. Required: 1....
-
4. Distinct Items There is a list of items in the shopping cart, each having a cost associated with it. There are n items, the cost of the ith item is / dollars and m items have already been bought...
-
Describe a situation in which the signed-rank test would be preferable to the paired t-test. Describe a situation in which the paired t-test would be preferable to the signed-rank test.
-
Forward purchasing has many advantages as demonstrated by the huge market in financial futures. What are these benefits? If these are so obvious, why are many organisations ignoring them and using...
-
Describe the assumptions necessary for the rank-sum test. How do they differ from the assumptions necessary for the two-sample t-test?
-
Do you think an organisation should always negotiate hard with suppliers to get the cheapest prices and best conditions it can?
-
A disadvantage of the sign test is that when the population is approximately normal the sign test is __________________ likely to reject a false null hypothesis than the t-test. In Exercises 3 and 4,...
-
URGENT PLEASE The Dupent equation shows the relatomakips among asset manogement, debt management, and ratics. Manegement can vse the Dupont equation to analyse mors of improving the finm's...
-
An example of prescriptive analytics is when an action is recommended based on previously observed actions. For example, an analysis might help determine procedures to follow when new accounts are...
-
Skyler is covered by his company's health insurance plan. The health insurance costs his company $3,500 a year. During the year, Skyler is diagnosed with a serious illness and the health insurance...
-
Professor Patricia (Patty) Pate is retired from the PalmSprings Culinary Arts Academy (PSCAA). She is a single taxpayer and is 68 years old. Patty lives at 98 Colander Street, Henderson, NV 89052....
-
Larry Gaines, age 42, sells his personal residence on November 12, 2012, for $144,000. He lived in the house for 7 years. The expenses of the sale are $10,500, and he has made capital improvements of...
-
What is the purpose of the Eighth Directive of the European Union? What do you think some of these challenges hindering its total implementation might be?
-
The U.S. system leans toward a heavy education requirement mixed with practice, and the British system leans more toward a heavy experience requirement bordering on apprenticeship. Which system is...
-
If you were a certified accountant in your home country and wanted to practice as an auditor in another country, you would most likely not be allowed to practice. Why do these barriers to entry...
Study smarter with the SolutionInn App