Felix boots a 35-year-old male is vice president of the, Ask an Expert

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Felix Boots, a 35-year-old male, is vice president of the Kitty-Lit Pet Products Company and earns $50,000 per year. The company provides paid group-term life insurance of twice the officers’ salaries for all officers of the company. The cost of the policy to the company for Mr. Boots is $650 per year. How much of the $650 must Felix include in his gross income? If Kitty-Lit changed its policy so as to enable all employees to be covered at twice their annual salary, what would Felix have to include in his gross income?

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Financial Accounting, Accounting

Category:- Financial Accounting
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