Survivor Income Benefit Imputed Income (SIBI)

Advantage HRM automatically calculates the imputed income for the value of the Survivor Income Benefit (SIB) over $50,000.  The Survivor Income Benefit Imputed Income (SIBI) special routine calls the Monthly Calculated Salary Special routine and applies the Amount/Percent fields below to perform the calculation.  

• Amount/Percent 1 = Multiplier; stores the value of the SIB plan (25% or 50%). The special routine multiplies the monthly salary by this value.

• Amount/Percent 2 = Not used by the SIBI special routine.

• Amount/Percent 3 = Exemption amount; stores the IRS Exemption amount (2007 value is $50,000).  Used by special routine to arrive at the taxable present value amount of the future benefit.

• Amount/Percent 4 = Weighting factor; stores the divisor used to calculate the imputed income amount (2007 value is 1000).  

• Amount/Percent 5 = Stores the threshold amount above which the imputed income can be generated (2007 value is 0).

Refer to Calculating Survivor Income Benefit Imputed Income for additional information.