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Wages and Other Compensation

Compensation includes everything received as payment for personal services.  Items received by an employee from his employers, such as gift certificates, distributions of cash, or bonuses, should be included in the taxpayer’s income.  Other items such as the value of a turkey, ham, or other nominally valued items given to an employee need not be included in income.  The amount of compensation required to be reported is the gross amount prior to any deductions for taxes withheld.


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Cathy Fisher

Common Cents Bookkeeping and Tax Preparation

Serving Henderson, NC, Buncombe County, Polk County, Transylvania County

E: cathy@commoncentsqbo.com

P: 828-595-2835

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