Fedex extra life insurance charges
03-26-2011, 07:48 PM
#1
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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
thx
03-26-2011, 08:14 PM
#3
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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.
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.
03-26-2011, 08:27 PM
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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.
03-26-2011, 09:47 PM
#5
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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? 
03-27-2011, 10:39 AM
#8
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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.
'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.
03-27-2011, 02:56 PM
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