Taxable Life Insurance Cost Calculator
The IRS considers the annual cost of employer-provided death benefit protection in amounts over $50,000 to be “imputed income.” This income is taxable to the employee and must be reported to the IRS on Form W-2. See Federal Reporting Requirements for Churches for more information.
As always, contact us at 800.986.6222 or service@mmbb.org with any questions. Our ministry is to serve you!