Group Term Life

Group Term Life Insurance with a death benefit greater than $50,000 qualifies as a type of non-cash compensation and must be included in taxable income.

Access Group Term Life

To access from the Button Bar, go to Payroll > Group Term Life

Post Group Term Life Taxes

1. Post Group Term Life Taxes

   

   Enter a calculation date and select a pay label.

2. Filter Payees

   

   Select employees who have Group Term Life.

3. Imputed Income

   

   Calculate imputed income by subtracting $50,000 from the total death benefit, dividing that difference by $1,000 and multiplying that by the age-based rate and number of months the employee received the benefit.

4. Post