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Hospital staff get baked potato as a 'Christmas bonus' from work (and got taxed on it)
(www.indy100.com)
this post was submitted on 21 Dec 2023
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Here is a little something from the IRS pub 525 about bonuses.
Bonuses and awards. Bonuses or awards you receive for outstanding work are included in your income and should be shown on your Form W-2. These include prizes such as vacation trips for meeting sales goals. If the prize or award you receive is goods or services, you must include the FMV of the goods or services in your income. However, if your employer merely promises to pay you a bonus or award at some future time, it isn’t taxable until you receive it or it’s made available to you.
So do they really believe the fair market value of a potato is $12? The IRS doesn't go by retail price.
The FMV for a pound of russet potatoes is $2.50 soo yeah no they are doing too much and should be reported.
Meals and lodging
You don't include in your income the value of meals and lodging provided to you and your family by your employer at no charge if the following conditions are met.
The meals are: Furnished on the business premises of your employer, and Furnished for the convenience of your employer.
The cost of food is not the only factor that determines it's value. It's a service being provided, not an object.
It's still a bullshit bonus and everyone who thought it was a good idea should kill themselves, but they didn't just get a raw potato.
I see your point, but labor cost for a single baked potato that was probably cooked at the same time as the rest of them would still be minimal.
A baked potato was $25 at the strip club I used to frequent, but for that you got two strippers bringing it to you while playing a rather amusing game of hot potato.
That SMCF, and yes that honestly sounds worth it to me.
What does this stand for?
Lol at the meme of the user.
SMH, I didn't connect it to the GP's username 🤦♂️
It was the cheap part of those nights.
The booze, cocaine and divorces added up though.
That sounds worth every cent.
And here I thought baked potatoes were supposed to be savoury.