0
Still curious? Ask our experts.
Chat with our AI personalities
Professor
Fran
RafaAdd your answer:
Earn +20 pts
Does an employee pay Federal Income taxes on imputed income?
On certain (most) types of imputed income...imputed income just being a term for non cash compensation....say a car benefit or over a certain amount of life insurance provided as part of your employment.....etc. FICA and other payroll taxes may or may not follow the same rules considering it a income, but generally do.
Where do you enter imputed income on your tax forms?
It depends on the type of imputed income. If it is imputed interest, enter it where all other interest payments go (schedule B). If it is imputed life insurance income from your employer, that should already be included in box 1 of your W-2 and you should enter it on line 7 of your W-2. You enter it wherever non-imputed income of the same nature would go.
What is a imputed tax?
Imputed federal income tax would be an income tax that the IRS has calculated on some type of imputed income that was received by you and not reported on your 1040 income tax form as a part of your worldwide gross income.
Why is imputed income deducted from your paycheck?
i have imputed income taken out of my check because a have a significant other on my insurance can i use this as a tax deduction
What Is imputed tax?
Imputed tax is when something is assigned a certain value. Other items are used to establish this value and then you pay taxes based on that value.
