1. Matt works for Rowan University and has an annual income of $200,000. Assume

Question: 1. Matt works for Rowan University and has an annual income of $200,000. Assume Matt has a combined tax rate of 25%. In addition to salary, Matt receives health insurance, long term disability insurance and life insurance from Rowan. a. Rowan offers health insurance on a non-contributory basis. The premium is $8,000 per year. What would Matt’s total yearlyANSWER ALL PARTS for upvote!!!! Show transcribed image text 100% (1 rating)Answer 1= a= Matt’s total yearly tax income liability =200000*0.25 =$50000 No tax will be paid on premium b= Matt’s total yearly in…View the full answerTranscribed image text: 1. Matt works for Rowan University and has an annual income of $200,000. Assume Matt has a combined tax rate of 25%. In addition to salary, Matt receives health insurance, long term disability insurance and life insurance from Rowan. a. Rowan offers health insurance on a non-contributory basis. The premium is $8,000 per year. What would Matt’s total yearly income tax liability. [2 points] b. Matt decides to put $4,000 into a dependent care flexible spending account. What would be the total yearly income tax liability for Matt now? (2 points) c. If Matt should become disabled, he could no longer work for Rowan and would lose his $200,000 annual income. The long-term disability contract promises to pay Matt $100,000 per year should he become disabled. Rowan also offers long term disability insurance on a non- contributory basis. The premium is $5,500 per year. If Matt should become disabled, what would be his total yearly income tax liability? (3 points) d. Suppose Rowan offers long-term disability insurance described in (1c) on an employee pay all basis. Suppose Matt paid the entire premium cost of $5,500 per year using a pre-tax salary reduction arrangement. If Matt should become disabled, what would be his total yearly income tax liability? (3 points) e. Suppose Rowan offers long-term disability insurance described in (1c) on an employee pay all basis. Suppose Matt paid the entire premium cost of $5,500 per year using an after-tax salary reduction arrangement. If Matt should become disabled, what would be his total yearly income tax liability? (3 points) f. Matt also receives group term life insurance (GTLI) from Rowan on a noncontributory basis. The face amount of this GTLI policy is $75,000 and the entire premium cost of $750 per year ($10 per $1000 of face amount). What impact will this have on the employee’s total yearly income tax liability? (3 points)