Life Insurance Premium over $50,000
According to the Internal Revenue Service, the cost of group-term life insurance an employer provides to an employee for coverage over $50,000 is to be included in the wages reported for the employee. This amount is subject to withholding for Social Security and Medicare, but not income tax. The cost is generally determined by using the uniform premium rates provided by the IRS. These rates set the cost of each $1000 of group-term life insurance for each month, according to the employee's age.
Please click Life Insurance Premium for more detail instructions
Please click here for instructions on processing Life Insurance through Payroll
Please click here for instructions of Life Insurance Payment that was NOT Processed through Payroll