Imputed rate calculation

I have the following requirement for the (Fully Employer paid) Basic Life Insurance plan.

Imputed income must be calculated on the employer-paid Basic Life coverage (option: 1*Annual Salary) that exceeds the IRS tax-free limit of $50,000. For example, if an employee has $120,000 of employer-paid Basic Life coverage, the first $50,000 is excluded from taxation. The remaining $70,000 is considered taxable coverage, and the corresponding imputed income amount should be added to the employee's taxable wages for payroll tax purposes.

I have completed the following setup for the Employer-Paid Basic Life plan:

• Created the Imputed Shell Plan, Imputed Income Calculation: Participant
• Created the Imputed Income Shell plan rate with