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 -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
