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Calculate richard taxable benefit

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Reference no: EM133260601

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Richard's life insurance coverage, through his employer's group plan is two times his annual salary of $47,000. His employer pays the insurer 100% of the cost at a premium rate of $0.90 per $1,000 of coverage per month. Calculate Richard's taxable benefit assuming he is paid on a semi-monthly basis.

Reference no: EM133260601

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