Time remaining: 1:50-43 Grace\'s employer is now offering group-term life insura

Question

Time remaining: 1:50-43 Grace's employer is now offering group-term life insurance. The company will provide each employee provide this amount of Insurance to Grace each year of recelving the group-term lifte benefit with $145,000 of group-term life Insurance. It costs Grace's employer $755 to Assuming that Grace is 33 years old, use the table to determine the monthly premium that Grace must include in income as a res 10 Uniform Premums for $1000 of Group-Term UMe Insurance Under 25 25 to 29 30to34 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 06 .08 09 30 15 23 43 2.06 O so O $760 O $53 97 O s16.20 MacBook Air

Explanation / Answer

The monthly premium that Grace must include in his income is $7.60 which is calculated as follows:-

Amount of life incurance $145,000 Less: Tax free benefit limit ($50,000) Taxable benefit $95,000 Divide by 1000 ($95,000/1,000) 95 Cost per $1,000 for 33 years old employee (from table) 0.08 Monthly Oremium (95*0.08) $7.60

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.