What is the name of your state? Wisconsin
The company i work for offers employees a group term life insurance policy at double their yearly wage paid by the company in full. We have some employees coverage that is over the $50,000 limit (IRC Sec 79) the IRS has setup so they will need to claim the amount over $50,000 computed by a table based on their age. Does anyone have a link to this tax table? Also how should this be filed? Does the company have to pay any employer matching of Social Security or Medicare taxes? I need to know what steps a company needs to do to file this correctly and what an employee will see on the needed tax form. Thanks.
The company i work for offers employees a group term life insurance policy at double their yearly wage paid by the company in full. We have some employees coverage that is over the $50,000 limit (IRC Sec 79) the IRS has setup so they will need to claim the amount over $50,000 computed by a table based on their age. Does anyone have a link to this tax table? Also how should this be filed? Does the company have to pay any employer matching of Social Security or Medicare taxes? I need to know what steps a company needs to do to file this correctly and what an employee will see on the needed tax form. Thanks.