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.

Whats imputed income?

April 26, 2017Imputed income

0

Posted

Whats imputed income?

1 Answer

0

Posted

Imputed income is the amount the Bank pays for your partner’s coverage. Imputed income is considered additional income and is taxed at the employee’s normal income tax rate. As required by the IRS, if you cover your life partner as a non-tax dependent, the Bank-paid portion of the premium will appear on your pay stub as taxable, imputed income. You will pay FICA and income taxes on this amount.