Calculating life insurance reportable income
Use this report to calculate the cost of excess employee and dependent life insurance for each employee. This report performs calculations based on the coverage and contributions in effect on the As of Date. You can create a time record for each employee to update taxable wages. The time record represents the cost of excess life insurance for the reporting period. You can calculate the cost of life insurance annually, monthly, or by pay period.
You must have group life rate tables already defined.