2018 life insurance tax calculator fact sheet

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Life Insurance Tax Calculator Automatically calculate the tax on the imputed income of an employer’s Group Term Life Insurance benefit in Microsoft Dynamics® GP Payroll

Automatically calculate the tax on the imputed income of an employer’s Group Term Life Insurance benefit Calculations are based on the employee’s age using the tables published annually by the IRS. You can:  Assign calculations by Employee ID, Department, Position, U-LINC Benefits Employee Class, or Employee Type  

Use either a specified pay code of the Primary Pay Code Use either a specified Company Premium Rate or to use the HR Premium defined in the HR module

Can take into account all compensation types, not just salaries Create unique compensation calculations based on multiple pay code, variable commissions, and additional amounts.

Integrates with HR Life Insurance Records

Auto updates benefit amounts during payroll processing Enables the system to account for changes in the employee salary or age automatically during the payroll process. Benefit amounts are then automatically updated during payroll processing for both payroll and HR life insurance records. No longer worry about tracking this data manually.

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