| How should taxpayers account for group-term life insurance in excess of $50,000?
Taxpayers are required to report the value of group-term life insurance in excess of $50,000 before your last payroll for this year. The value is based on an IRS published table that assigns a value for each $1,000 of excess coverage per month based on the employee’s age.
The value of group-term life insurance in excess of 50,000 that is included in total wages is FICA taxable, even if the insurance was provided through a cafeteria plan. "An employer would be liable for the employee FICA if the employee decides not to withhold it."
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