39. Annie is covered by a $200,000 group-term life insurance policy of which he beneficiary. Annie's employer pays the entire premium for the policy, for which table factor is $0.75 per $1,000 per month of coverage. How much, if any, of the life insurance is included in Annie's gross income on an annual basis? a. $0. b. $450. c. $1,350.
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- Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000Belinda, a 55 year old single woman with no dependents, has a $75,000 group term life insurance policy through her employer. Her employer pays the premiums on Belinda's group term life insurance policy. How much per year will Belinda have to include into her gross income associated with the cost of this insurance? Assume the cost of this insurance is $0.43 per month per $1,000 of coverage. Multiple Choice $0 $65 $129 None of the aboveElisa is covered by a $200,000 group term life insurance policy of which her daughter is the sole beneficiary. Elisa's employer pays the entire premium for the policy, for which the uniform annual premium is $0.75 per $1,000 per month of coverage. How much, if any, of the cost of the group term life insurance is excluded from Elisa's gross income on an annual basis? $0 $450 $1,350 $1,800
- Grace's employer is now offering group-termlife insurance. The company will provide each employee with $135.000 of group-term ife Insurance. It costs Grace's employer $725 to provide this amount of insurance to Grace each year. Assuming that Grace is 57 years old, use the table to determine the monthly premium that Grace must include in income as a result of receiving the group-term life benefit. EXHIBIT 12:08 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection 5-Year Age Bracket Under 25 Cost per $1, e0e of Protection for one Month $0.05 25 to 29 0.06 30 to 34 0.08 0.09 0.10 0.15 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 6e to 64 65 to 69 0.23 0.43 0.66 1.27 2.06 76 and aboveGrace's employer is now offering group-term life insurance. The company will provide each employee with $185,000 of group-term life insurance. It costs Grace's employer $875 to provide this amount of insurance to Grace each year. Assuming that Grace is 31 years old, use the tale to determine the monthly premium that Grace must inckude in income as a result of receiving the group-term life benefit. EXHIBIT 12-08 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection 5-Year Age Bracket. Cost Per $1,000 of Protection for One Month Under 25 $0.05 25 to 29 0.06 30 to 34 0.08 35 to 39 0.09 40 to 44 0.10 45 to 49 0.15 50 to 54 0.231. Charlene has self-only coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2019? a. $4,600 b. $1,300 c. $1,000 d. $3,500 e. $3,450 2 Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019 joint income tax return of $45,000, before considering any IRA deduction. Martha and Rob have no earned income. What is the amount of Martha's maximum deductible IRA contribution? a. $2,700 b. $5,500 c. $0 d. $3,500 e. $11,000 3. Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What is the maximum amount Donna can contribute to a Roth IRA? In your computations, carry out any division to two decimal places. a. $5,500 b. $6,000 c. $3,850 d. $5,000 e. Some other amount 4. Marge has a Roth IRA held more than 5 years to which she has contributed…
- Michael participates in the group insurance plan offered by his employer. He contributes $162 through payroll deduction. His tax rate is 45%. The annual premium for $45,000 of life insurance is $540, of which the employer pays 70% (.e.. $378). The employer adds a taxable benefit to Michael's annual income. On his death, what amount will Michael's estate receive? Select one: a. $45.000 b. $13.500 C. $24,750 d. $31.500Tessa, a self-employed dentist, has the following taxable income and allowable outgoings for 2020: Schedule D Case Il income 140,000 Schedule D Case IV deposit interest net 2,680 Schedule D Case V rental income (net of expenses) 22,000 Qualifying retirement annuity premiums paid 8,500 Tessa is 31 years old and does not.have a medical card. What is Tessa's universal social charge (USC) liability for 2020? O a. €10,081 O b. €11,676 O c. €1,971 O d. €12,116Aa.61. Joan was the insured under a term life insurance policy with death benefits of $250,000. Joan passes away during the effective term of the policy. The beneficiary is awarded the benefits under the policy, payable over 10 years. In the first year after Joan’s death, the beneficiary receives $27,000. What are the tax consequences of this payment to the beneficiary? Group of answer choices A. The payment is entirely taxable under § 61. C. The payment is excluded from income under § 101. D. This question cannot be answered without access to the IRS mortality tables. B. $2,000 of the payment is taxable.
- Haley (age 48) and Myron (age 51) are married and filing a joint return. Myron has earned income of $42,000 and is not covered by an employer plan. Haley is a homemaker and does not work outside the home. What is the total amount they can deduct for contributions to traditional IRAs for both Haley and Myron? Select one: a. $6,500 b. $11,000 c. $13,000 d. $12,000Rachel receives employer-provided health insurance. The employer's cost of the health insurance is $6900 annually. What is her employer's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and the employer is profitable? (Do not use dollar sign or other punctuation.)
