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How much income must be reported by each employer

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Question - Data Corporation has four employees and provides group term life insurance coverage for all four employees. Coverage is nondiscriminatory and is as follows:

Employee

Age

Key Employee

Coverage

Actual Premiums

Andy

62

yes

$200,000

$4,000

Bob

52

yes

40,000

700

Cindy

33

no

80,000

600

Damitria

33

no

40,000

300

a. How much may Data Corporation deduct for group term life insurance premiums?

b. How much income must be reported by each employer?

Reference no: EM132051416

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