Learn something new everyday. I have been wondering what the $8.00 GTL Imputed Income was showing on my remittance advice. Now I know. Any employer life insurance benefit over $50,000 is taxable as income. Cignas employee. Life insurance benefit is pretty much equal to a years salary - in my case anyway. The cost of the insurance for the benefit over $50,000 is taxable to me as imputed income, So, the $8.00 is added to my before tax pay to have tax deducted it. I worked in Revenue for eight and a half years and never heard of this. But. The State didnt think we were worth more than $50,000 either. Huh . . .
Posted on: Wed, 05 Feb 2014 17:55:44 +0000
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