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Yes, imputed benefit income is subject to federal taxation. It is considered Taxable noncash compensation but is not included in gross pay.
Imputed Tax is on imputed income...say like a taxable employee benefit (say your employer giving you a car). The value of the benefit is included in taxable income that withholding and such is determined from...so your estimated payments are made on it...and it is included in the taxable income on your W-2, so the tax you calculate on your retur includes it as well.
Imputed income is not actual income, but is money that you have because you provide certain services for yourself instead of paying others for them, such as owning a house instead of renting. It is very hard to determine the value of imputed income and is only very rarely taxable, and only under certain circumstances.
Determining if the benefits are taxable depend supon whether the premiums were paid before or after taxes. If before taxes, the disability income you receive is taxable. If youpremiums were paid after taxation, the disability income benefits you receive are not taxable.
Determining if the benefits are taxable depend supon whether the premiums were paid before or after taxes. If before taxes, the disability income you receive is taxable. If youpremiums were paid after taxation, the disability income benefits you receive are not taxable.
No, California is not one of the fourteen states that levy taxes against Social Security benefits.
Death benefits are not taxable for income tax purposes.
Social security benefits may be taxable depending on your total income for the year. If your income is above a certain threshold, up to 85% of your social security benefits may be subject to income tax. It's best to consult with a tax professional to determine if your benefits are taxable.
All income is taxable unless specifically excluded by law. Even a portion of your Social Security benefits may be taxable if you have sufficient total income.
Your employer is required by the federal tax code (and the tax laws of some states) to report as taxable income the value of any medical, dental, optical or prescription coverage it extends on your behalf to anyone who is not your legal spouse or dependent.
At this time, October 2010, health insurance benefits are NOT taxable. However, as the new national healthcare progresses over the years there are provisions in it that my treat those benefits as taxable income.
Union strike pay is taxable as income.