Are Employee Gifts Taxable? Background: Unlike gifts made on a personal level, gifts from an employer to employee (outside the context of employment) are generally taxable to the recipient as supplemental wages. In other words, the gifts are subject to both income tax and employment taxes. Can you give a tax free gift to an
What Constitutes Compensation For Making An IRA Contribution? Compensation for the purposes of funding an IRA includes: salary, wages, commissions, income from self-employment, and nontaxable combat pay. It does not include: earnings and profits from property (rental income); income from interest, dividends, pensions, or annuities; deferred compensation; and Social Security. What is considered compensation for
Do S Corp Shareholder Health Insurance Premiums Go On W2? Health and accident insurance premiums paid on behalf of a greater than 2-percent S corporation shareholder-employee are deductible by the S corporation and reportable as wages on the shareholder-employee’s Form W-2, subject to income tax withholding. How does S Corp handle health insurance on W-2?