Did you know?

By June 12, 2012 August 5th, 2020 No Comments

The Internal Revenue Code (IRC) states that all compensation an employee receives from an employer in “any form” constitutes wages subject to employment taxes unless specifically excluded.  Examples of “taxable” fringe benefits include: gifts of $25 a year (this includes company logo items), prizes won at company function (summer parties, Christmas parties, etc), bonuses for exceptional work, etc.