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TAXABLE/NON-TAXABLE Idaho

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  • TAXABLE/NON-TAXABLE Idaho

    How Do You Determine What Is Taxable Income Or Not When It Comes To Gift Certificates, Movie Passes, Gift Cards, Etc Given To Employees?

  • #2
    The IRS website is a good resource to get the answers you seek. Here is a link: http://www.irs.gov/govt/fslg/article...155764,00.html.

    You may want to print out a copy of Publication 15-B. This covers taxable fringe benefits: http://www.irs.gov/publications/p15b/ar02.html#d0e927.

    Generally speaking gift certificates, gift cards, movie passes, etc. are taxable fringe benefits. Since the value is easily determinable and the value has a cash equivalent, these items should be reported as taxable income and be included on annual W-2.

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    • #3
      thank you!
      so, my understanding is if we know what something is worth , it has a cash equivalent? like a gift certificate for a massage for extra work done, that has a declared value of $30.00?

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      • #4
        Originally posted by BURROW
        thank you!
        so, my understanding is if we know what something is worth , it has a cash equivalent? like a gift certificate for a massage for extra work done, that has a declared value of $30.00?
        Exactly! In this example, $30 should be reported as a taxable fringe benefit on the employee's annual W-2.

        Comment

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