Life insurance benefits more than $50,000 are taxable

​Life insurance benefits more than $50,000 are taxable and must be included on the W-2 form. The college is required to withhold SURS funds on this amount. Due to this SURS withholding requirement, the SURS deduction will be taken out on the last paycheck of the year. Employees will see a stipend payment with an offsetting benefit deduction on the Dec. 26 paycheck. Please note that income taxes have been taken out automatically over the course of the year. Anyone with questions is invited to call Denise Mann in HR at 815-802-8146.