Kevin is a 48-year-old nurse who earns an annual salary of $95,000. His employer provides group-term life insurance coverage equal to twice the annual salary for all employees. The annual amount of income for each $1,000 of taxable insurance coverage for an individual 48 years old is $1.80. How much gross income must Kevin report for this benefit? (Round answer to O decimal places, e.g. 125.) Income $
Kevin is a 48-year-old nurse who earns an annual salary of $95,000. His employer provides group-term life insurance coverage equal to twice the annual salary for all employees. The annual amount of income for each $1,000 of taxable insurance coverage for an individual 48 years old is $1.80. How much gross income must Kevin report for this benefit? (Round answer to O decimal places, e.g. 125.) Income $
Chapter4: Income Exclusions
Section: Chapter Questions
Problem 38P
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Transcribed Image Text:Kevin is a 48-year-old nurse who earns an annual salary of $95,000. His employer provides group-term life
insurance coverage equal to twice the annual salary for all employees. The annual amount of income for each
$1,000 of taxable insurance coverage for an individual 48 years old is $1.80. How much gross income must Kevin
report for this benefit? (Round answer to O decimal places, e.g. 125.)
Income
$
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