Payroll Year-End Life Insurance Procedure
The year-end MITC Payroll updates for 2018 include a new procedure and table to automate life insurance procedures to correct the W-2 Taxable. MITC estimates this update will save customers 12.5 minutes per covered employee during those busy days at the end of the year (that adds up to almost 21 hours per 100 employees).
The goals are to save time for customers with expansive life insurance programs by eliminating manual calculations and data entry and to eliminate the risk of data entry errors and incorrect W-2s.
There will be 3 updates to MITC Payroll:
- A new table with columns for age brackets and dollar rate per $1,000
- A new field in Deductions for the dollar amount over 50,000 (used to calculate the taxable amount)
- A new procedure to calculate the taxable amount and create an adjustment manual check for any covered employee (terminated or active) who had checks in the current year
- All payroll customers will automatically receive the update and documentation.
Join us for a training on Tuesday, December 4th at 2:00 pm EST to learn about this new update and other year-end payroll procedures.