Explain how employees are taxed on group life insurance supplied as an employee benefit
What will be an ideal response?
The employee of a group life insurance contract receives the first $50,000 of group life insurance without the premium being included in taxable income. Any group life insurance provided in excess of the $50,000 causes a taxable event. The amount of income that must be included in the employees income is equal to the government table's rates times the amount of the excess (over $50,000 ) life insurance (per thousand).
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