Under current Internal Revenue Services (IRS) regulations, the value of your Basic and Supplemental Term Life Insurance in excess of $50,000 will be taxable to you. This taxable amount, called Imputed Income, is determined under IRS guidelines and based on your age at the end of the calendar year. The Imputed Income is calculated during the payroll processing process and will show in the earnings section of your payslip as “GTL Imp Inc.” If you have Supplemental Life Insurance, your GTL amount is reduced by your after-tax contributions. While the GTL amount is in the earnings section of your payslip, it is not being paid to you; it is being added to your taxable income so it will be reflected on your Form W-2. Federal, Social Security, Medicare, and state taxes are withheld from your paycheck for this additional income. You should also note that it is not part of your base salary, nor is it part of your salary for benefits purposes (i.e.
Under current Internal Revenue Services (IRS) regulations, the value of your Basic and Supplemental Term Life Insurance in excess of $50,000 will be taxable to you. This taxable amount, called Imputed Income, is determined under IRS guidelines and based on your age at the end of the calendar year. The Imputed Income is calculated during the payroll processing process and will show in the earnings section of your payslip as “GTL Imp Inc.” If you have Supplemental Life Insurance, your GTL amount is reduced by your after-tax contributions. While the GTL amount is in the earnings section of your payslip, it is not being paid to you; it is being added to your taxable income so it will be reflected on your Form W-2. Federal, Social Security, Medicare, and state taxes are withheld from your paycheck for this additional income. You should also note that it is not part of your base salary, nor is it part of your salary for benefits purposes (i.e., there are no Retirement Plan contributions for
Under current Internal Revenue Services (IRS) regulations, the value of your Basic and Supplemental Term Life Insurance in excess of $50,000 will be taxable to you. This taxable amount, called Imputed Income, is determined under IRS guidelines and based on your age at the end of the calendar year. The Imputed Income is calculated during the payroll processing process and will show in the earnings section of your payslip as GTL Imp Inc. If you have Supplemental Life Insurance, your GTL amount is reduced by your after-tax contributions. While the GTL amount is in the earnings section of your payslip, it is not being paid to you; it is being added to your taxable income so it will be reflected on your Form W-2. Federal, Social Security, Medicare, and state taxes are withheld from your paycheck for this additional income. You should also note that it is not part of your base salary, nor is it part of your salary for benefits purposes (i.e., there are no Retirement Plan contributions for th