US Group Term Life Calculation (for U.S. installations only) {optional}#

This component applies the IRS taxable benefit calculation for US group term life insurance.

Choose the rule to be used as the ‘US Group Term Life Calculation’ rule.

RuleDescriptionLogicAssoc.Go to
01((Covg-TaxExmpt) × Tax
Ben Rate) - Current EE
Dedn
Multiplies the coverage value in excess of the exemption amount specified in component B1230 by the taxable benefit rate (from the Rates tab or B1200 based on the employee’s age as of the day specified in component B1220 of the processing year) then subtracts the current employee deduction (B1040)B1040
B1200
B1220
B1230
B1250
02*((Covg-TaxExmpt) × Tax
Ben Rate) – Accum. EE
Dedn
Multiplies the coverage value in excess of the
exemption amount specified in component
B1230 by the taxable benefit rate (from the
Rates tab or B1200 based on the employee’s
age as of the day specified in component
B1220 of the processing year) then subtracts
the total deductions component B1060.
B1060
B1200
B1220
B1230
B1250
03((Covg-TaxExmpt) × Tax
Ben Rate) - Current EE
Dedn
(Allow negative value)
Multiplies the coverage value in excess of the
exemption amount specified in component
B1230 by the taxable benefit rate (from the
Rates tab or B1200 based on the employee’s
age as of the day specified in component
B1220 of the processing year) then subtracts
the current employee deduction (B1040) allow-
ing the value to go negative.
Same as Rule 01 but allows a negative amount.
B1040
B1200
B1220
B1230
B1250
04((Covg-TaxExmpt) × Tax
Ben Rate) - Accum. EE
Dedn
(Allow negative value)
Multiplies the coverage value in excess of the
exemption amount specified in component
B1230 by the taxable benefit rate (from the
Rates tab or B1200 based on the employee’s
age as of the day specified in component
B1220 of the processing year) then subtracts
the total deductions component B1060 allowing
the value to go negative.
Same as Rule 02 but allows a negative amount.
B1060
B1200
B1220
B1230
B1250