What's Group-Term Life Insurance?
Group-term life insurance is for coverage in excess of $50,000 per employee and is subject to some payroll taxes.
To set up a Group-Term Life Insurance pay type for an employee:
- Go to the Employees tab.
- Click an employee's name.
- On the employee's overview page, look for the Pay section and click Edit.
- Scroll down to the What additional ways do you pay? section and click to select the Group-Term Life Insurance checkbox.
- Optional: Enter a default amount to be paid each paycheck. You can always change the amount when you create the paycheck.
- Click OK.
Next time you create a paycheck for the employee, the GTL pay item appears. Simply enter or verify the amount for the pay period and our payroll service calculates the amount and includes it on the employee's paycheck.