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Browse: Home / MONEY / Taxes

What is the tax rate on tuition reimbursement?

mparkerson2: What is the tax rate on tuition reimbursement?
I am normally taxed about about 21% of pay in taxes.

I’ve broken the $ 5,250 barrier allowed by the federal government on tuition reimbursement from my employer.
However, when I submitted my $ 1029.35 bill for tuition reimbursement here is how I was paid-
Total bill – $ 1029.35
Federal Income Tax – $ 257.34
Social Sec. Tax – $ 63.82
Medicare Tax – $ 14.92
MA State Tax – $ 54.56
Amt paid to employee – $ 638.71

Anyone know much about this? That’s close to 40% taxes paid!

Answers and Views:

Answer by WHO?ME?
this is getting close,,, but you need to watch this closlely,, because a lot are not fileing this as income.
if they do not get a 1099 ,, get with you tax person,, i have used turbo tax program for 8 years now. they have a q&e section..

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