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Issue calculating life insurance imputed income — Cloud Customer Connect
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Issue calculating life insurance imputed income

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edited Sep 5, 2020 12:10AM in Benefits 1 comment

Summary

Issue reducing life insurance imputed income by employee contribution

Content

I have a reduce life insurance imputed income by the employee's after-tax life insurance contribution. I have configured the imputed income shell plan and everything seems to be working based on the age bands and IRS tables. The issue is that the payroll department insists that the imputed income amount should be reduced by the employee life insurance deduction amount. e.g.

 

Life insurance coverage amount = 976,394.00

 

Employee is 65 years old so factor = 1.27 per thousand dollars of coverage

 

Employee Life insurance deduction = 87.99 bi-weekly

 

I calculated imputed income as ((976,394 - 50,000)/1000) * 1.27 = 1,176.52 per month = 543.01 bi-weekly

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