There is a query in Edison you can use to get the calculated amount of imputed income for each employee enrolled in basic term life insurance with a coverage amount of more than $50,000. The query is TN_BA162_PAYCHECK_IMPUTED_INC.
Central state ABCs, this query is for informational purposes only since the state payroll process in Edison will calculate the amounts automatically for each employee.
State higher education ABCs, since wages for state higher education employees are not paid through the Edison system payroll, you will need to update your employees’ paycheck earnings in your own HR/payroll systems with the imputed income amount for each employee enrolled in basic term life that has a coverage amount of more than $50,000. Since it is a taxable earning, the amount will also need to be included on the employees’ W-2 forms. For more information on Publication 15B where this is explained, please visit https://www.irs.gov/publications and look for 15B.