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?  
  How old will the clergy person be on December 31 of year ?    
  Does the clergy person have a spouse?        
  If yes, enter the number of months during the year that a death benefit was provided for your spouse?      
  Does the clergy person have dependent children? (include age 25 and younger AND are full time students?)        
  If yes, enter the number of months during the year that a death benefit was provided for your children?    
   
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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