Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What does the deduction for IMP Life mean?

April 26, 2017deduction Imp life mean

0

Posted

What does the deduction for IMP Life mean?

1 Answer

0

Posted

A. Imputed Life is a tax tracking mechanism set up under Internal Revenue Code 79. IRS regulations provide that employees are not taxed on the value of life insurance amounts up to $50,000. If your life insurance amount totals more, the amount exceeding $50,000 is subject to the Imputed Life tax. The tax is calculated using an age-related scale determined by the IRS.