unofficial microsoft.public.money FAQ and A
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Q) How do I treat taxable fringe benefits (imputed income)?
A) Imputed income is the tax accountants' term for income (typically in the form of an employer paid benefit) that the tax law says you owe tax on even though you never got any money. (This stuff gets reported in box 12 of form W-2. The cost of life insurance over $50k is reported as code C.)
Here's how I handle this income in Money--it seems to work and doesn't bollocks up the tax estimator:
On the wages tab of my paycheck:
Wages & Salary:Imputed Income $x (I created this category)
On the deductions after taxes tab:
Insurance:Life $x
Please see this disclaimer if you are using Money 2005 or this comment if you are using Money 2006.
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Last update: 10 December 2006 |
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