What is Considered to Be Taxable Compensation and What Allowances Are Not Taxable
Taxable compensation refers to the various forms of income that are subject to taxation. This includes wages, salaries, tips, bonuses, commissions, and other remuneration received for services rendered. In contrast, non-taxable allowances are specific types of compensation that are exempt from taxation. Examples of non-taxable allowances include reimbursements for necessary business expenses, such as travel, … Read more