Imputed Income Tax Calculator

Any fringe benefit that an employer provides to an employee is taxable and must be included in the recipients pay unless the law specifically excludes it. This includes Group Life insurance provided by the Board of Benefits Services of the Reformed Church in America. The following calculator will help you determine the imputed income for tax purposes.

MM slash DD slash YYYY
Complete months only
The group-term life insurance coverage

$175,000 coverage reduces by 50% at age 70


IRS monthly inputed income



Important Note

Please include the amount below in boxes 1, 3, and 5 of 2021 W-2 and with code 'C' in box 12


Applicable only for Group Life provided by Board of Benefits Services. For specific guidance from the IRS, see page 3 of the Employer’s Tax Guide to Fringe Benefits. For more information regarding fringe benefits and clergy taxes, reference page 60 of the ECFA Minister’s Tax and Financial Guide.