[GNC] Journaling taxable benefit

[Christopher Lam]

It's a regular asset account.

On Fri, 15 Nov 2019, 11:17 gn00b, <leo57yeung at hotmail.com> wrote:

> 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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