Author Question: Healthwise Ambulance requires its employees to be on 24-hour call and consequently gives them $800 ... (Read 51 times)

melly21297 · **on:** Sep 13, 2020

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.

firehawk60 · **Reply #1 on:** Sep 13, 2020

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