Paul works 5 days a week (Monday to Friday), 8 hours per day. He is paid $27.50 per hour. He is paid bi-weekly. His company provides Group Term Life insurance at 2x his annual salary at a cost of $1.09 per month per $1000 of coverage paid for by the employer. What taxable benefit is added to his pay each pay?
Paul works 5 days a week (Monday to Friday), 8 hours per day. He is paid $27.50 per hour. He is paid bi-weekly. His company provides Group Term Life insurance at 2x his annual salary at a cost of $1.09 per month per $1000 of coverage paid for by the employer. What taxable benefit is added to his pay each pay?
Chapter4: Income Exclusions
Section: Chapter Questions
Problem 38P
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Transcribed Image Text:Paul works 5 days a week (Monday to Friday), 8 hours per day. He is paid $27.50
per hour. He is paid bi-weekly. His company provides Group Term Life insurance at
2x his annual salary at a cost of $1.09 per month per $ 1000 of coverage paid for by
the employer.
What taxable benefit is added to his pay each pay?
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