If a corporation pays the premium on a group life policy for its employees, additional taxable income for each employee is Nothing
This is further explained below.
<h3>What is additional taxable income?</h3>
Generally, Along with wages, salaries, commissions, fees, and gratuities, this also covers other types of pay, such as stock options and fringe benefits. Your employer must provide you with a Form W-2, Wage and Tax Statement, detailing the compensation you received for your services.
In conclusion, If an employer contributes to the cost of a group life insurance policy for its workers, the employees do not have to report any extra income for tax purposes.
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