If in 2004 X had paid A $140 in cash for agricultural labor and had made expenditures of $2,360 or more to other employees for agricultural labor, the $140 paid by X to A would have been subject to tax because the $2,500-employer’s-expenditures-for-agricultural-labor test would have been met. Or, if X had paid A $150 in cash in 2004 and made no other payments to any other employee for agricultural labor, the $150 paid by X to A would have been subject to tax because the $150-cash-remuneration test would have been met. Such payments are excluded from wages under this exception even though not made under a plan or system. If the employee does not actually perform services for the employer during the requisite period, the existence of the employer- employee relationship during that period is immaterial.
86–778, set out as an Effective Date of 1960 Amendment note under section 402 of Title 42, The Public Health and Welfare. 1988—Pub. The Social Security Administration (SSA) provides benefits such as old-age benefits, benefits to disabled workers, and benefits to spouses and dependents. These benefits may be subject to federal income tax depending on your filing status and other income.
Publication 525 ( , Taxable and Nontaxable Income
If you find and keep property that doesn’t belong to you that has been lost or abandoned (treasure trove), it’s taxable to you at its FMV in the first year it’s your undisputed possession. This includes installations or modifications that are primarily designed to reduce consumption of electricity or natural gas, or improve the management of energy demand. A cash rebate you receive from a dealer or manufacturer of an item you buy isn’t income, but you must reduce your basis by the amount of the rebate. Nonreimbursable grants under title IV of the Indian Financing Act of 1974 to Indians to expand profit-making Indian-owned economic enterprises on or near reservations aren’t includible in gross income. Relocation payments and home rehabilitation grants.
Amendment by section 104(b) of Pub. 86–778 applicable only with respect to services performed after 1960, see section 104(c) of Pub. 86–778, set out as a note under section 410 of Title 42. Amendment by section 311(b)(4), (5) of Pub. 89–97 applicable only with respect to services performed after 1965, see section 311(c) of Pub. 89–97, set out as an Effective Date of 1965 Amendment note under section 410 of Title 42, The Public Health and Welfare.
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If you refinanced a student loan with another loan from an eligible educational organization or a tax-exempt organization, that loan may also be considered as made by a qualified lender. The refinanced loan is considered made by a qualified lender if it’s made under a program of the refinancing organization that is designed to encourage students to serve in occupations with unmet needs or in areas with unmet needs where the services required of the students are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. You’re self-employed and a member of a barter club.
98–369, set out as an Effective Date note under section 280G of this title. Amendment by section 303(a)(2), (b)(2) of Pub. 103–296 applicable with respect to service performed on or after Jan. 1, 1995, see section 303(e) of Pub. 103–296, set out as a note under section 410 of Title 42. Amendment by section 320(b)(1) of Pub.
Credits & Deductions
“(1) Except as provided in paragraph (2), the amendments made by this section [amending this section, section 3306 of this title, and section 409 of Title 42] shall apply to remuneration paid after December 31, 1983. Amendment by section 2601(b) of Pub. 98–369 effective with respect to service performed after Dec. 31, 1983, with enumerated exceptions, see section 2601(f) of Pub. Amendment by section 67(c) of Pub. 98–369 applicable to payments under agreements entered into or renewed after June 14, 1984, in taxable years ending after such date, with contracts entered into before June 15, 1984, which are amended after June 14, 1984, in any significant relevant aspect to be treated as a contract entered into after June 14, 1984, see section 67(e) of Pub.
- The work constitutes agricultural labor and is performed over the course of November and December 2003.
- (b)(7)(F)(iv).
- Whether an employee has the status of a student performing the services shall be determined based on the relationship of the employee with the organization employing the employee.
- The service performed by M for N University is not in the exercise of his ministry.
- Amendment by section 321(c) of Pub.
- If you’re the beneficiary of an estate or trust and the fiduciary has the choice of whether to distribute all or part of the current income, you must report all income that is required to be distributed to you, whether or not it’s actually distributed, plus all other amounts actually paid or credited to you, up to the amount of your share of distributable net income.
- In accordance with a reasonable, good faith interpretation of section 3121(v)(2), Employer R determines that, for 1993, there is an amount deferred that must be taken into account as wages for FICA tax purposes.
915 for information on how to make a lump-sum election, which may reduce your tax liability. There are also other types of benefits paid by the SSA. However, SSI benefits and lump-sum death benefits (one-time payment to spouse and children federal insurance contributions act of deceased) aren’t subject to federal income tax. For more information on these benefits, go to SSA.gov. Payments received under FECA for personal injury or sickness, including payments to beneficiaries in case of death, aren’t taxable.