Group-Term Life Imputed Income

Calculate group-term life imputed income from caller-supplied exclusion and table rate.

Description

Group-term-life imputed income can be modeled by multiplying excess coverage units by a monthly cost and covered months.

Group-term-life imputed income can be modeled by multiplying excess coverage units by a monthly cost and covered months. The monthly cost must match the intended pricing basis.^[1]

Calculate group-term life imputed income from caller-supplied exclusion and table rate.

When to use Group-Term Life Imputed Income

Use this tool to calculate group-term life imputed income from caller-supplied exclusion and table rate.

Choose the specific arithmetic or checklist scenario and establish its input amounts, dates, rates and criteria from the applicable records. Keep currencies, periods and jurisdictions consistent; review the tool-specific assumptions before interpreting the result.

How to use Group-Term Life Imputed Income and understand its results

Choose the specific arithmetic or checklist scenario and establish its input amounts, dates, rates and criteria from the applicable records. Keep currencies, periods and jurisdictions consistent; review the tool-specific assumptions before interpreting the result.
Enter coverageAmount, excludedCoverageAmount, monthlyRatePerThousand, coveredMonths using the field table and calculation rules, then run the tool.
Read excessCoverage, imputedIncome. The explanation below defines the units, signs, ordering and any flags or placeholder values.
If the tool reports an input issue, correct the values and run it again. Apply the stated assumptions when interpreting a successfully returned result.

Input field	Meaning	Value type; see rules below	Requirement
coverageAmount	Group-term coverage amount (currency)	number; minimum: 0	Required
excludedCoverageAmount	Excluded coverage amount (currency)	number; minimum: 0	Required
monthlyRatePerThousand	Monthly table rate per thousand (currency)	number; minimum: 0	Required
coveredMonths	Covered months	integer; minimum: 0; maximum: 12	Required

Enter nonnegative coverage, excluded coverage and monthly cost per 1,000 units with integer months from 0 through 12. Read excess coverage and imputed amount.

excess=max(0,coverage−excludedCoverage); income=excess/1000×monthlyRate×months

Units, indexing, boundary conditions and exceptional cases are defined in the calculation rules above.

Output field	Meaning	Value type
excessCoverage	Excess coverage (currency)	number; minimum: 0
imputedIncome	Imputed income (currency)	number; minimum: 0

json

{
  "input": {
    "coverageAmount": 100000,
    "excludedCoverageAmount": 50000,
    "monthlyRatePerThousand": 0.23,
    "coveredMonths": 12
  },
  "output": {
    "excessCoverage": 50000,
    "imputedIncome": 138
  }
}

Limitations and assumptions

No age-based cost table, employee contribution offset or exclusion eligibility is embedded.

Numeric inputs must be finite. Follow the calculation-specific rules for overflow, underflow and exceptional cases. Missing required fields, extra fields, wrong value types and violations of the calculation rules are input errors.

Alternative or Complementary methods

Use Fringe-Benefit Exclusion: Split a fringe benefit into excluded and taxable amounts using supplied values. For a complementary task, use Minister Tax Split: Split minister compensation into caller-parameterized income and self-employment tax bases.

References

Group-Term Life Imputed Income — tool.io

Similar or alternative tools

Fringe-Benefit Exclusion
Split a fringe benefit into excluded and taxable amounts using supplied values.
Minister Tax Split
Split minister compensation into caller-parameterized income and self-employment tax bases.