# Overview. Calculating The Cost Of Group Term Life Insurance UNIFORM PREMIUM TABLE ( TABLE 1 )

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2 Sample Calculations Choose the example that most closely resembles your actual situation. Also, please review the notes on page 5 prior to performing the actual calculations. Example 1: You provide group term life insurance and pay for 100% of the premium cost. Assumptions: You provide employees with a GTL benefit of two times base annual earnings (2 x BAE). Sarah is 37 years old and her salary is \$42,000. GTL insurance \$84,000 Amount of GTL subject to Table 1 34,000 Step 2: Determine the cost to include in Sarah s income as taxable wages. The Table 1 rate is \$.09 per \$1, (amount over 50k) x.09 (Table 1) x 12 (months) = \$36.72 Step 3: Assess tax. Include the Table 1 cost (imputed income) of \$36.72 in Sarah s gross earnings (Box 1 of Form W-2) and FICA taxes would be withheld from other wages on the \$ Example 2: You provide group term life insurance to employees and pay 100% of the cost. Under a separate policy, you also provide employee-pay-all voluntary GTL insurance to employees. Employees pay 100% of the cost of the voluntary GTL insurance on an after-tax basis. Step 1: For the employer provided GTL, calculate and assess tax on the Table 1 cost as in Example 1. Step 2: Determine whether you must calculate imputed income for the employee-pay-all voluntary GTL insurance. To do this, compare your group s premiums by age bracket to the Table 1 rates. If your premiums in every age bracket are all equal to, or all less than, or all greater than the Table 1 rates, there is no imputed income to calculate. You can stop here. Gallagher Reppond,

4 Note: The calculation logic would be the same if, for example, the employer provided GTL insurance equal to 1 x BAE and employees could purchase additional GTL insurance that they paid for on an aftertax basis. Example 4: You provide group term life insurance for which you pay a portion of the premium and the employees pay the remainder. The employee portion of the premium is paid on a pre-tax basis. Assumptions: You provide employees with a GTL insurance benefit of two times base annual earnings (2 x BAE). You pay 75% of the cost and the employees are responsible for the remaining 25%. The GTL insurance premium is \$.20 per \$1,000 of coverage. Donna is 42 years old and her salary is \$65,000. \$65,000 (BAE) x 2 = \$130,000 Amount of GTL subject to Table 1 80,000 The Table 1 rate is \$.10 per \$1, (amount over 50k) x.10 (Table 1) x 12 (months) = \$96.00 Step 3: Calculate premium cost on the employee paid portion of GTL insurance. GTL insurance subject to Table 1 80,000 Times employer-paid portion.75 Employer-paid portion of GTL subject to Table 1 60,000 GTL insurance subject to Table 1 80,000 Minus Employer-paid portion of GTL subject to Table 1 (60,000) Employee-paid portion of GTL subject to Table 1 20, (EE paid portion GTL) x.20 (premium) x 12 (months) = \$48.00 Step 4: Calculate the total amount of imputed income to include in the employee s gross income (Box 1 of W-2) and to assess FICA on. To do this, compare the Table 1 cost (\$96.00) to the employee-paid portion of the premium cost (\$48.00) and assess imputed income on the higher amount (\$96.00 in this example). (You do not deduct the employee-paid portion of the premium (\$48.00) from the Table 1 amount because the premium was paid on a pre-tax basis.) Gallagher Reppond,

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