I am a travel nurse. I was made a offer as the following:?
rmckye asked:
ie. 20.00/hr -taxed
$300/week non-taxed by the employer for possible expenses
ie. 20.00/hr -taxed
$300/week non-taxed by the employer for possible expenses
Would the IRS tax me on the $300 during tax time even if my employer doesn’t during the year?
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bostonianinmo said,
Wrote on December 21, 2009 @ 9:31 am
If your employer gives you a flat reimbursement amount then it must be added to the wages reported on your W-2 and is taxable income. The employer is required to withhold taxes on it as well.
You may attach Form 2106 for the actual expenses you incur IF you have enough itemized deductions to make itemizing worthwhile.
If your employer handles employee business expenses on an accountable plan then it would not show up on your W-2 or be taxable. However flat rate allowances do not qualify as reimbursements under an accountable plan and therefore must be included in taxable income.
abiogeek2 said,
Wrote on December 23, 2009 @ 10:33 am
Absolutely. It’s income isn’t it?