Our company pays for $100,000 for group term life insurance and $100,000 for accidental life insurance. I did not realize that the employee was responsible to pay taxes on the portion of life insurance above $50,000 that the employer pays. Is the employee responsible for both the term and accidental portions over $50,000?

If I have closed payroll for 2021 but need to add these calculations for the 2021 W-2's, is there a way that I can do this? Also I need to make sure our system is set up to calculate these correctly for 2022.

Any help would be appreciated.

Thanks,

Mandy Griffin