Imputed Income Rates Setup for Employer Paid Life Insurance
Can somebody share how they've setup rates for life insurance imputed income? It seems like my rates are much too high for older employees for their life insurance imputed income rates. I've used the rates on this publication: https://www.irs.gov/pub/irs-pdf/p15b.pdf
But, they seem very high for older employees. What I'm trying to do is see if my decimal places are wrong.
I'm setup on Payroll elements to have the company pay for life insurance on 2nd pay period only each month on bi-weekly payroll.
Does this look correct from this publication? Or do you have a setup guide that I could check as a comparison from your setup?