Certain fringe benefits are considered exempt wages (from FUTA). For example, "the value of goods, lodging, food, clothing, and non-cash fringe benefits." So the imputed value of an leased automobile provided the employee for personal use and included in the W-2 for all taxes (FIT/SS/MC/SIT) would be considered such a fringe benefit and subtracted on Line 4 of the 940?
-
-
Value of personal use of company vehicle is not excludable as a 940 fringe. -
It probably would not matter in most cases (except possibly for a new hire late in the year). I'm thinking that the wages would already be excluded since an employee who was provided an auto as a fringe benefit would quickly exceed the $7K maximum wages anyhow."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
-
And that is the case with this employee. It was for my own edification should it come up in the future.Comment
Comment