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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16538
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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C corp company plans to provide life insurance to officers

Resolved Question:

C corp company plans to provide life insurance to officers and also search for insurance type such term life insurance and whole life insurance. Are these life insurance premiums to officers' wage? Is there any ways that life insurance premiums are not added to their wage? thanks
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

Megan C :

Thanks for your question. My name is XXXXX XXXXX I would be happy to help you today

Megan C :

Unfortunately these are always a wage. Premiums paid for life insurance are added to the wage of the officer.

Megan C :

On the good side, when death benefits are paid, they are paid tax free.

Customer:

are both term life insurance and whole life insurance premium taxable? thanks

Megan C :

Yes, they are both taxable.

Megan C :

But, when death benefits are paid, they are tax free

Customer:

okay thanks

Megan C :

You're welcome

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16538
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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