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.
| Rule | Description | Logic | Assoc. | 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) allowing 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 |
