Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What types of income are taxable?

April 26, 2017income taxable types

0

Posted

What types of income are taxable?

3 Answers

0

Posted

Qualifying wages Commissions Vacation Pay Tips, bonuses, gifts in lieu of payment, gratuities Car allowance, personal use of employer-provided vehicle Wage continuation plans Severance pay Employer paid group term life insurance premiums Incentive payments Sick and disability pay Deferred compensation Fees Royalties Rental income Gambling, lottery and prize winnings Moving expense reimbursement Stipends Profit sharing Income from a guaranteed annual wage contract

0

Posted

* Qualifying wages * Commissions * Vacation Pay * Tips, bonuses, gifts in lieu of payment, gratuities * Car allowance, personal use of employer-provided vehicle * Wage continuation plans * Severance pay * Employer paid group term life insurance premiums * Incentive payments * Sick and disability pay * Deferred compensation * Fees * Royalties * Rental income * Gambling, lottery and prize winnings * Moving expense reimbursement * Stipends * Profit sharing * Income from a guaranteed annual wage contract

0

Posted

An employer is required to withhold only on “qualifying wages” as defined in Internal Revenue code section 3121(a), generally the Medicare wage in box 5 of the Form W-2.