Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hi tech accounting services changed its fringe ben

Hi Tech Accounting Services changed its fringe benefit package as of the first of this...

50.1K

Verified Solution

Question

Accounting

Hi Tech Accounting Services changed its fringe benefit package as of the first of this year. Employees are now eligible to receive group term life insurance equal to twice their annual salary up to $100,000. Harrys salary is $90,000 per year. Prior to this year employees received group term life insurance up to $50,000. Harry is 52 years of age and has adjusted gross income of $78,000. Does Harry suffer any tax consequences because of this change in policy?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The Venn Diagram below shows the sport 64 surveyed teens want to try for fun...

Basic Math
Q

Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during...

Accounting
Q

What features of the inguinal canal reduce the likelihood of herniation? Conversely, what conditions predispose to the...

Medical Sciences
Q

What is settler colonialism? How does this concept influence the way we can understand \"the US...

Psychology
Q

Which of the following is not a lymphocyte?B cellsT helper cellsneutrophil cellsCD8 cellsNatural killer cells

Biology
Q

Which of the following most accurately describes the translation of the graph: y=(x-7) + 16,...

Basic Math
Q

What type of bias is present in this situation A community college wants to survey...

Statistics
Q

2 If y varies directly as x and y 24 when x 6 find y...

Algebra
Q

Qu es una marca personal? Cules son algunas marcas personales que admiras? Qu teora(s) de...

Accounting
Q

Piper Company has two cost center service departments (Cafeteria and Human Resources) and two revenue/production...

Accounting
Q

11 Chicago Company reported the following information at the end of the current year. Connon...

Accounting
Q

7. At the break-even point of 1,400 units, variable costs are $84,000, and fixed costs...

Accounting