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Author Question: Healthwise Ambulance requires its employees to be on 24-hour call and consequently gives them $800 ... (Read 28 times)

melly21297

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Question 1

Greg is the owner and beneficiary of a $100,000 policy on the life of his mother. Greg gives the policy to his brother, Don. Don subsequently pays premiums of $40,000. Upon his mother's death, how much of the insurance proceeds must Don include in income?
◦ $0
◦ $40,000
◦ $60,000
◦ $100,000

Question 2

Healthwise Ambulance requires its employees to be on 24-hour call and consequently gives them $800 per month housing allowance and a $200 per month food allowance. Ron, an employee of Healthwise, receives a salary of $40,000 per year (this does not include the allowances). Ron will be taxed each year on
◦ $40,000.
◦ $42,400.
◦ $49,600.
◦ $52,000.


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Marked as best answer by melly21297 on Sep 13, 2020

firehawk60

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melly21297

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


juliaf

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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