Fedex extra life insurance charges
 

I've been paying $37.50 a pay period starting in 2011 for something called "IMPINCLIFE" - I think this is related to the life insurance we opt for over $50k but it was never charged previously and that amount seems very high for merely the taxes. Any idea what this is? yeah, I know I'll call Crew Pay next week.

thx

It used to be categorized as ExcessLife # and was under Earnings on the left side of the earnings statement.

Imputed Income Life Insurance


Group-Term Life Insurance

Total Amount of Coverage

IRC section 79 provides an exclusion for the first $50,000 of group-term life insurance coverage provided under a policy carried directly or indirectly by an employer. There are no tax consequences if the total amount of such policies does not exceed $50,000. The imputed cost of coverage in excess of $50,000 must be included in income, using the IRS Premium Table, and are subject to social security and Medicare taxes.

Ok got it. Old way made more sense. Now they include it in deductions - include it in the TOTAL DEDUCTIONS column as well but then when you look at CHECKS that specific deduction is no longer there. Go figure. Thx.

I'm still trying to figure out how [for me] it went from ~$170 once a month as Excess Life last year to ~$160 Each paycheck for IMPINCLIFE now. That's a big overnight accounting shift for the same line item don't you think? :confused:

Just out of curiousity how much do you have? I don't pay but 700ish a year for a half million/30 yr/ term. (and i am kinda old)

I figured since it started in January, it had something to do with Obamacare??
Some new hidden tax.

Imposed health care tax
 

Imposed health care tax will start in 2018.

'Cadillac' Insurance Plans Explained - Kaiser Health News



In the Democrats' reconciliation bill - actually an amendment to the Senate-passed health bill - a high-cost health plan is defined as costing more than $10,200 for an individual or $27,500 for a family, including worker and employer contributions to flexible spending or health savings accounts. The cost does not include stand-alone vision or dental benefits. The tax would not be imposed until 2018, giving health plans more time to benefit from possible cost savings from other reform measures. Employers with a preponderance of older or female workers who have higher-than-average health costs would receive a break in the form of higher thresholds.

Can we get a waiver? ;)