Automatically calculate the tax on the imputed income of an employer’s Group Term Life Insurance benefit.

When an employee’s salary or age changes, would it be helpful to automatically calculate changes to their group term life insurance tax?

Integrity Data’s Group Term Life Insurance Calculator automatically calculates the tax on the imputed income of an employer’s Group Term Life Insurance benefit based on the correct age-based line in a table published annually by the Internal Revenue Service.
 
The payroll processor can use primary pay codes and Group Term Life Insurance Calculator integrated with HR Life Insurance Records. Benefits amounts are automatically updated during payroll processing.
 

Features and Benefits

Life Insurance Tax Codes Enable the user to assign calculations by Employee ID, Department, Position, Employee Class or Employment Type.

Auto Update Enables the system to account for changes in the employee salary or age automatically during the payroll process.

Pay Code for Coverage Provides the ability to use either a specified pay code or the Primary Pay Code.

Premiums Ability to use either a specified Company Premium Rate or to use the HR Premium defined in the HR Module.




 

For More Information

For more information about Integrity Data and its products and services, including product demonstration videos, FAQs, and value calculators, please call 888.786.6162.