Imputed Income - HRS2955

Payroll > Tables > Imputed Income

This page is used to set up the IRS Group Term Life Section 79 Rate table. This table is used to calculate an employee's imputed income amount, which is the amount of taxable income on group-term life insurance coverage in excess of $50,000. The table is set up per tax year.

For additional information, reference IRS Publications 15-B and 525.

Add data:

❏ Click +Add to add a row.

Field	Description
Calendar Year	The field automatically defaults to the current tax year but can be edited. Type the desired calendar year.

❏ Click Retrieve.

From Age	Type the from age as indicated in the IRS table.
To Age	The field is automatically calculated based on the From Age value in the next row.
Monthly Cost per $1000 of Excess Coverage	Type the monthly cost per $1000 of excess coverage. The amount in this column must be greater than the column in the previous row.

❏ Click Save.

Other functions and features:

Retrieve	Retrieve data. The Retrieve button is also used to retrieve information from the last save. If you click Retrieve, any unsaved changes are lost.
Print	Print data. Review the report using the following buttons: Click to go to the first page of the report. Click to go back one page. Click to go forward one page. Click to go to the last page of the report. The report can be viewed and saved in various file formats. Click to save and print the report in PDF format. Click to save and print the report in CSV format. (This option is not available for all reports.) When a report is exported to the CSV format, the report headers may not be included. Click X to close the report window. Some reports may have a Close Report, Exit, or Cancel button instead.
Delete	Delete all rows. Click to delete all of the rows in the table.
	Delete a row. Click to delete a row. The row is shaded red to indicate that it will be deleted when the record is saved. Click Save.