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oldtimer 
Member since Jul 7, 2010


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Recent Comments

Re: “College graduation rate lags

Could it be that our students are not prepared at the K-12 level to do college work? Might be a reason that the cost of remediation is so high at the colleges in Arkansas.

Posted by oldtimer on 12/07/2010 at 11:07 AM

Re: “Pigskin politics

Wish we could give "medical scholarships" to some of our legislators to get rid of some of them who underperform.

Posted by oldtimer on 09/24/2010 at 10:05 AM

Re: “Dustin: about sleeping dogs ...

Good point. The only unfortunate thing about calling the IRS is that you can call them six different times with the same question and you may get six different answers.

Posted by oldtimer on 07/09/2010 at 8:29 AM

Re: “Dustin McDaniel to give up car

The amount that should be reported is not a salary supplement, in my opinion. It is imputed income. Imputed income it the tax accountant's term for income (typically in the form of an employer paid benefit) that the tax law says you owe taxes on even though you never got money. This gets reported in a separate box on Form W2 than does the actual income from salary.

Posted by oldtimer on 07/07/2010 at 7:45 PM

Re: “Halter's office on autogate

It is pretty cut and dried in the IRS regulations when an employer provides a car to an employee. If that vehicle is available for the employee's personal use, that availability is considered to be a taxable fringe benefit. The IRS provides a table with the ranges of fair market values and the related taxable income. The IRS table is based on a four-year lease term. At the beginning of the fifth year and every four years thereafter, the annual lease must be redetermined based on the fair market value of the vehicle on January 1st of that year.

The employee keeps a log of daily mileage - business and personal. The calculation of taxable income attributed to the car is based on the personal mileage only. Personal milege divided by total mileage equals the percentage of personal use. The annual lease value times the % of personal use is the amount of taxable income added to the employees W-2 and is subject to federal and state income taxes.

Posted by oldtimer on 07/07/2010 at 4:31 PM

 

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