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#2
01-13-2005, 09:57 PM
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 Re: Form 940 Total Payments Question Wayne Brasch" <waynebrasch[at]stowetel.com> wrote: - quote - > "Victor Roberts" <xxx[at]lighting-research.com> wrote:
No they are not shown in Box 1 of Form W-2.> > My one-person C Corp has a written Medical Reimbursement > > Plan that reimburses employees for medical expenses that are > > not covered by their primary medical insurance. Examples are > > co-payments, deductibles, OTC drugs, medical mileage, etc. > > The plan was set up by my accountant (who is on vacation) so > > that none of the reimbursements are subject to Federal or > > state income tax or to Social Security or Medicare tax. The > > reimbursements are booked under Employee Benefits. The Plan > > is not an HSA or an Archer MSA. > > > My question is, should these reimbursements be included in > > Line 1, Part 1 of Form 940? Whether or not the > > reimbursements are included in Line 1, the amount on Line 5 > > will be $7,000, since taxable wages exceeded $7.000. > Are these reimbursements shown in Box 1 Form W-2? If so, > they should go on Line 1 of Form 940. If not, then no. Thanks. -- Vic Roberts Replace xxx with vdr in e-mail address. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
01-12-2005, 09:56 PM
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| Re: Form 940 Total Payments Question "Victor Roberts" <xxx[at]lighting-research.com> wrote - quote - > My one-person C Corp has a written Medical Reimbursement
It doesn't sound like they should be there from the> Plan that reimburses employees for medical expenses that are > not covered by their primary medical insurance. Examples are > co-payments, deductibles, OTC drugs, medical mileage, etc. > The plan was set up by my accountant (who is on vacation) so > that none of the reimbursements are subject to Federal or > state income tax or to Social Security or Medicare tax. The > reimbursements are booked under Employee Benefits. The Plan > is not an HSA or an Archer MSA. > My question is, should these reimbursements be included in > Line 1, Part 1 of Form 940? Whether or not the > reimbursements are included in Line 1, the amount on Line 5 > will be $7,000, since taxable wages exceeded $7.000. information you posted. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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01-12-2005, 08:58 PM
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| Re: Form 940 Total Payments Question "Victor Roberts" <xxx[at]lighting-research.com> wrote: - quote - > My one-person C Corp has a written Medical Reimbursement
Are these reimbursements shown in Box 1 Form W-2? If so,> Plan that reimburses employees for medical expenses that are > not covered by their primary medical insurance. Examples are > co-payments, deductibles, OTC drugs, medical mileage, etc. > The plan was set up by my accountant (who is on vacation) so > that none of the reimbursements are subject to Federal or > state income tax or to Social Security or Medicare tax. The > reimbursements are booked under Employee Benefits. The Plan > is not an HSA or an Archer MSA. > My question is, should these reimbursements be included in > Line 1, Part 1 of Form 940? Whether or not the > reimbursements are included in Line 1, the amount on Line 5 > will be $7,000, since taxable wages exceeded $7.000. they should go on Line 1 of Form 940. If not, then no. Wayne Brasch, CPA, M. S. Taxation << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
01-10-2005, 09:50 PM
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| Form 940 Total Payments Question My one-person C Corp has a written Medical Reimbursement Plan that reimburses employees for medical expenses that are not covered by their primary medical insurance. Examples are co-payments, deductibles, OTC drugs, medical mileage, etc. The plan was set up by my accountant (who is on vacation) so that none of the reimbursements are subject to Federal or state income tax or to Social Security or Medicare tax. The reimbursements are booked under Employee Benefits. The Plan is not an HSA or an Archer MSA. My question is, should these reimbursements be included in Line 1, Part 1 of Form 940? Whether or not the reimbursements are included in Line 1, the amount on Line 5 will be $7,000, since taxable wages exceeded $7.000. Thanks for your help. -- Vic Roberts Replace xxx with vdr in e-mail address. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 940, form, payments, question, total |
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