APA's Top Payroll Questions & Answers for 2020 - 55

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APA's Top Payroll Questions & Answers for 2020

Withholding for group-term life insurance for
employee on unpaid leave

Q.
A.

The value of employer-provided group-term life insurance up to
$50,000 is excluded from an employee's income. The value of coverage
in excess of $50,000, minus any amount paid for the coverage by the
employee after taxes, must be included in the employee's income. The
value of the excess coverage is subject to social security and Medicare
taxes, but is not subject to FUTA tax.
At some point, your company will have to have to catch up the
taxable portion of the life insurance premiums. You may impute the
taxable portion as income at any time you choose (on a pay period,
quarterly, semiannual, annual, or other basis), as long as it is done by
the end of the calendar year. You should be careful when choosing
when to treat the group-term life insurance premiums as having been
paid. If you do not catch them up until at or near the end of the year,
there may not be enough regular wages for the employee from which
to withhold.
When withholding for a noncash fringe benefit, add the taxable
value of the benefit to a regular wage payment. The total withheld
taxes are then determined and subtracted, along with the fringe benefit
amount, from the original total to reach the employee's net pay. Find
out more about withholding and reporting noncash fringe benefits in
The Payroll Source®, §3.5-2.

55

Withholding Taxes

We have an employee out on an unpaid leave. Our company has
continued to pay the employee's premiums for group-term life
insurance, but the employee has no income from which we can
withhold the premiums right now. Would we catch up the withholding for
this after the employee returns from unpaid leave?



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APA's Top Payroll Questions & Answers for 2020

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Table of Contents
APA's Top Payroll Questions & Answers for 2020 - Intro
APA's Top Payroll Questions & Answers for 2020 - Cover1
APA's Top Payroll Questions & Answers for 2020 - a
APA's Top Payroll Questions & Answers for 2020 - b
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APA's Top Payroll Questions & Answers for 2020 - Table of Contents
APA's Top Payroll Questions & Answers for 2020 - e
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