[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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