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Form 941 for Syracuse New York: What You Should Know
If your employer is required to pay you TD or STD benefits, you may have to pay the government's taxes for the duration of the benefit. To determine whether the amount of your employees' TD or STD benefits is taxable, you must compare the amount of the benefit your employees receive to the IRS's definition of an employee's gross income. In determining your employees' gross income, the government counts the value of any taxable benefits. Sick Pay — You are considered to be an employer of an employee for the purposes of the Internal Revenue Code for an employee to receive: • Qualified Lump Sum Disability Payments: up to 14,000 in a taxable year. • Qualified Long-Term Disability Payments: up to 24,000 in a taxable year. • Lump Sum Death Benefits: up to 14,000 in a taxable year. • Sick Leave Benefits (other than death benefits) that are paid to an employee during a taxable period, in the aggregate, exceeding 50% of an employee's net earnings for a tax year, in excess of the employee's total compensation during that tax year for a qualified benefit. If you are the employer of an employee, you are considered to make a qualified-lump-sum disability payment to the employee of up to 14,000 in a year, if: • The employee is permanently and totally disabled, as established by your written examination of the claim for the benefit. • The payment of the payment for all qualified disability benefits is within your control. This amount includes only the payment you receive. Example: Employees are entitled to receive 22,500 lump sum death benefits (including 6,000 for qualified disability benefits) at age 65 under the Federal Insurance Contributions Act (FICA). For a tax year ending at the end of November 1994, the total wages each employee receives and 2,500 in other benefits exceeds 19,000. Your control over these amounts includes the amount of these other benefits and the lump sum death benefit being paid. The amount of the death benefit and other benefits in excess of 19,000 that you pay are taxable. You must count the 6,000 in qualified disability benefits in the payment received as taxable, even though the payment is made by an employer and the employee is not subject to Social Security or Medicare taxes. Example : Your employees receive 16,000 in qualified disability benefits in the first taxable year they participate.
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