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.
The group-term life insurance coverage
$175,000 coverage reduces by 50% at age 70
IRS monthly inputed income
Please include the amount below in boxes 1, 3, and 5 of 2021 W-2 and with code 'C' in box 12