Susan S. Posted March 8, 2011 Posted March 8, 2011 The definition of compensation in a 401(k) plan I am working on is 3401(a) wages (subject to income tax withholding at the source), which excludes non-cash taxable income such as the value of excess life insurance. Is the excess life excludable only if it is imputed income? If the employer is including the amount of the premium as gross wages and then deducting the premium after-tax, is this regular cash compensation rather than excludable non-cash taxable income?
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