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Question

Frank received the following benefits from his employer this year. What amount must Frank include in his gross income?

Benefits Received   Amount   Salary $ 54,500   Health insurance   3,400   Group term life insurance (face $50,000)   2,560        

Multiple Choice

  • $54,500.
  • $57,060.
  • $57,900.
  • Zero - these benefits are excluded in gross income.
  • $60,460.

 

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