Question: Can anyone explain the flowing step by step:

Lise's life insurance coverage through her Qubec employer's group plan is 2 times her annual salary of $40,000.00. Her employer pays the insurer 100% of the cost of her life insurance coverage at a premium rate of $1.00 per $1,000.00 of coverage per month, which does not include tax. Calculate Lise's monthly taxable benefit.

The correct answer is $87.20. The coverage amount of $80,000.00 is calculated by taking the annual salary and multiplying it by 2 (the amount of coverage), rounded up to the nearest $1,000.00. The coverage amount is then multiplied by the premium rate of $1.00 and divided by $1,000.00. The resulting amount is then multiplied by 9% to calculate the tax on the premium. The monthly premium plus the tax is the monthly taxable benefit of $87.20.