Frequently Asked Questions

Displaying 1 - 10 of 10

How much taxes will come out of my pay?

In general, tax is withheld at the supplemental rate, currently 29.45%.

Where can I find the policy?

The Expenditures Policy outlines information related to non-cash items.

Why am I being taxed for an item I received?

IRS requires us to tax all items unless there is a defined exclusion.

Are gift cards considered non-cash?

No, gift cards are considered the same as cash and are taxable in any amount.  

What type of non-cash items are required to be reported?

All non-cash employee prizes, gifts, tickets to events, any clothing that was not approved for exemption, etc.

Are there non-cash items that do not need to be reported?

Non-cash employee items that will not be required to be reported will include employee achievement/service awards and items addressed within the expenditure policy.

Do items received by student employees need to be reported to financial aid?

No.  If they are receiving the item because of their employment, then it does not need to be reported to Financial Aid Office.