Tax benefits for donation of leave before Jan. 1, 2007.The FTB FTB Franchise Tax Board (California; they collect income and sales tax) FTB Family Tax Benefit (Australian welfare assistance) FTB First Time Buyer (housing) announced tax benefits for businesses and employees who contribute the cash value of their vacation, sick leave or personal leave time to Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. relief before Jan. 1, 2007. [ILLUSTRATION OMITTED] Under the program, workers can contribute vacation, sick leave or personal leave time to hurricane relief. Their employers will donate the cash value of that time. Businesses will be able to deduct de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. the amount of their cash payments on their state tax filings; and for employees, the contributed amount will not be considered taxable wages In payroll, the sum of all earnings for an employee that are eligible for a particular type of tax are considered Taxable Wages with respect to that tax. Each tax is different and has different regulations about limits to the amount of wages that can be considered taxable with . Read more at www.ftb.ca.gov/aboutFTB/press/2005/05_51.html or www.edd.ca.gov/eddkatrina.htm#Leave%20Based%20Donation%20Program. |
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