Final answer:
Box 12 Code with 'Uncollected social security tax on the value of GTL insurance > $50K' on a W-2 form refers to the social security and Medicare taxes on group term life insurance premiums over $50,000 that weren't withheld by the employer.The correct option is A.
Step-by-step explanation:
The question asks about the meaning of Box 12 Code "Uncollected social security tax on the value of GTL insurance > $50K" on a W-2 form, which is a tax-related form used for reporting wages and taxes paid within the United States. The correct answer is A) The value of uncollected social security tax. This code represents the amount of social security and Medicare taxes that were not withheld by the employer on the portion of group term life insurance premiums paid for coverage exceeding $50,000. This is part of the employee's income that is subject to these taxes, but they were not collected during the tax year. Consequently, the employee is responsible for paying these taxes when they file their income tax return.