Calculation of the Taxable Value for Group Term Life Insurance
Please answer the following questions:
For
what year will you be calculating the taxable value for group term life insurance?
2011
2011
How old will the clergy person be on December 31 of year
?
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
Does the clergy person have a spouse?
Yes
No
If yes, enter the number of months during the year that a death benefit was provided for your spouse?
0
1
2
3
4
5
6
7
8
9
10
11
12
Does the clergy person have dependent children? (include age 25 and younger AND are full time students?)
Yes
No
If yes, enter the number of months during the year that a death benefit was provided for your children?
0
1
2
3
4
5
6
7
8
9
10
11
12
Values needed for the calculation:
Applicable Denominational Average Compensation (DAC) for
Spousal death benefit at 20% of DAC
Dependent children death benefit at 10% of DAC
Tax rate based on clergy person's age at December 31
Calculation of the taxable value for group term death benefit
1.
Clergy person's personal death benefit is $50,000, which is provided tax free.
$0.00
2.
Spousal death benefit
Benefit amount
Divide by
$1,000.00
multiply by number of months
multiply by applicable tax rate
3.
Dependent children death benefit
Benefit amount
Divide by
$1,000.00
multiply by number of months
multiply by applicable tax rate
Total taxable value of group term life insurance
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