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What Is Imputed Income? | Payroll Definition and Examples

Patriot Software

Group-term life insurance exceeding more than $50,000. Patriot’s online payroll software calculates the proper taxes for you. Opt for our Full Service payroll services and we will take care of withholding and depositing the taxes. As an employer, you must be aware of what can be considered imputed income.

Payroll 50
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How to Handle the Death of an Employee in Your Small Business

Patriot Software

Do you offer benefits like health insurance, life insurance, and retirement plans? If you use payroll software, remove the deceased from the system. Keep payroll records for at least three years. Do not report the wages on Form 1099-MISC if you reissue an uncashed check. Take care of the deceased’s benefits.