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> FAQs
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Do I pay taxes for
fringe benefits?
There are six types of fringe benefits that are taxable:
Union Legal Service
A portion of the money the City contributes to the Union Welfare Fund is used
to provide pre-paid group service benefits to eligible individuals. The cost of
this benefit is considered income, whether the service is used or not. The
value of the benefit varies by union affiliation.
Education
Reimbursements by unions and CUNY community colleges for non job-related
undergraduate and graduate-level courses for amounts in excess of $5,250 are
subject to federal income, Social Security, and Medicare taxes.
Motor Vehicle Use
If a City vehicle is assigned to you and you use it for driving to and from
home, you are required to pay taxes on the value of the use of the vehicle. The
amount is determined by mileage or a flat rate and is reported by your agency
to OPA.
Parking
If you have access to free parking space for your own vehicle in areas in which
equivalent parking costs are more than $205 per month, you are required to pay
tax on the value of the parking above $205 per month. Your agency reports
parking fringe benefit amounts to OPA.
TransitBenefit Administrative Fees
The TransitBenefit administrative fees for the Premium TransitChek MetroCard
are paid by the City to TransitCenter on behalf of participating employees. The
maximum annual amount of the addition is $15.60:
$.60 deduction x 26 bi-weekly paydays or $.65 deduction x 24 semi-monthly
paydays
Health Club Reimbursement
Reimbursements by the Management Benefits Fund are subject to income, Social
Security, and Medicare taxes.
The amount of your taxable fringe benefits is shown in Box
14 and has increased your taxable wages in Box
1, Social Security and Medicare wages in Boxes
3 and 5, state wages in Box
16, and local wages in Box
18A or Box 18B.
Taxable fringe benefits are reported and processed at the end of the year and
may not be reflected in year-to-date earnings in your final pay statement.
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Source:
NYC.gov: Office of Payroll Administration |
