[GNC] Journaling taxable benefit
gn00b
leo57yeung at hotmail.com
Thu Nov 14 22:18:08 EST 2019
My employer gives employees $350 under a wellness spending account to spend
on whatever we want. I claim it on public transit fares. This $350 is
considered a taxable benefit and every bi-weekly paycheck, $13.46 gets added
to gross income. What would be the credit side of transaction number 2 and
the debit side of transaction number 3?
1. Spend $350 loading up my public transit fare card.
Dr Prepaid Public Transit 350
Cr. Bank 350
2. Claim $350 on this account and then it directly deposits this into my
bank account.
Dr. Bank 350
* Cr. What is this account? 350*
3. Every paycheck, $13.46 is counted as income on my paystub
Dr. Bank (Net Pay) 1300
Dr. Income Tax Withholding 700
*Dr. What is this account? 13.46*
Cr. Gross Income 2000
Cr. Taxable Benefit Income 13.46
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