This is the first year I've noticed the following adjustment to my W-2 statement:
Gross Pay: $....
Plus GTL (C-Box 12): $....
Less Other Cafe 125: $....
What are the second and third items? Thank you in advance for ANY help you might have!
GTL is group term life insurance. If you are insured for more than 50k through your employer, the excess is considered a fringe benefit and a portion of the cost of this insurance is taxable.
Cafe 125 is the IRS code for pre-tax federal deductions, usually medical/dental insurance.
GTL income is included in your federal taxable wages, cafe125 is not.