For Federal Tax purposes an employee must include in income the cost (based on the IRS uniform premium cost tables) of more than $50,000 of group-term life insurance, provided by the employer (Code Sec. 79; Reg. Ss1.79-1-Reg. Ss1.79.3) An employee's age is determined on the last day of the employee's tax year. There is no FICA or Medicare on this amount only if the benefit is over $50,000 the cost for that portion is included on the employees W-2 and income tax as income.