Please show me in detailed step by step. Thank you! eBook Problem 4-38 Nontaxabl
ID: 2419701 • Letter: P
Question
Please show me in detailed step by step. Thank you!
eBook Problem 4-38 Nontaxable Fringe Benefits (LO. 4) Horace is an employee of Ace Electric Company. Ace provides all employees with group term life insurance equal to twice their annual salary Enter in the "Includable Premium" column the base amount upon which the includable premium will be determined. In the "Premiumm Taxed" column, enter the amount of premium to be included in Horace's gross income Note: If required, round your final answers to the nearest cent. If an amount is zero, enter "0 Click here to view the Gross Income from Group Term Life Insurance table. Includable Premium Premium Taxed Horace is 26 and earns $16,000 per year. Horace is 26 and earns $42,000 per year. Horace is 63 and earns $42,000 per year. Horace is 46 and earns $90,000 per year a. b. c. d.Explanation / Answer
Solution:
(1) Horace Earns 16,000 Per Year
Annual Value = 4,600
(2). Horace Earns 42,000 Per Year
Annual Value = 11,250
(3). Horace Earns 42,000 Per Year
Annual Value = 11,250
(4). Horace Earns 90,000 Per Year
Annual Value More than 16,000
Related Questions
Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.