Johnson worked for ABC Co. and earned a salary of $100,000. Johnson also received, as a fringe benefit, group term life insurance at twice Johnson's salary. The annual IRS-established uniform cost of insurance is $2.76 per $1,000. What amount must Johnson include in gross income?
a) $100,414
b) $100,000
c) $100,552
d) $100,276
Ans: a) $100,414
Business
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