The income is the value of group-term life coverage in excess of $50,000 in employees’ taxable income.
Your amount seems high for $57,000 which I assume is ($107,000 - $50,000). Perhaps your coverage amount is larger than the death benefit amount.
Consultancy Newfront has a nice explanation along with imputed income percentages at Group-Term Life – Imputed Income to explain how things are calculated.
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