Google Case Highlights High Costs of Day Care
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Of course, these employees have been most careful to report the amount of the Google subsidy as net income?
Current IRS decisions are very clear that “any thing of value (cafeteria meals), or any service (parking space), provided for employees without charge, or charged at less than the ‘commercial equivalent value’ as part of their service agreement, is taxable income. If provided free of charge, the commercial equivalent value is the amount of the taxable income. If partially subsidized, the amount of the subsidy is the amount of the taxable income. This is true regardless of whether or not the employee actually used the privilege, as long as it was provided.”
Those Google employees owes tax of the $37,000 per year.
You mean the ones who used the daycare service?
No, ALL OF THEM who had children in the qualifying age range, whether they used the service or not.
For example: an employee with 2 children and 5 years of employment owes approximately $37,000 × 2 × 5 × 28%(?), or $103,600 (plus penalties and interest).
…and this just in… Google files for Chapter 11…