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USA Operations Centers Relocation Tax Policy May 2017
Not Applicable
Most benefits within the relocation benefit package will be included in the transferring employee’s annual income. Joyner does not provide tax advice. It is recommended the employee consult with a qualified tax accountant.
Tax treatment of Relocation Benefits
Relocation benefits are included in gross compensation, and reported on Form W-2/1099 for state and federal income tax and are subject to income tax withholding.
The following benefits/move expenses will be grossed-up at the current supplemental rate:
Duplicate Housing Expense Reimbursement
Travel Allowance
Lease Penalty Fee Expense Reimbursement
Household Goods Move
Spouse Assistance Expense Reimbursement
The gross-up procedure is a method of ESTIMATING tax liability. Based on your specific tax rate, your final tax liability may be greater than the amount paid by the Company.
The gross-up procedure is not applied to the following benefits/move expenses:
Relocation Allowance
Location Cost Differential (LCD) Bi-Weekly Payments
Marketing Incentive Bonus
Spouse Assistance
*LCD bi-weekly assistance is included in gross compensation reported on Form W-2 for state and federal income tax. All LCD payments are subject to income tax withholding.
Payment Chart
Notes: Exceptions to the payment schedule cannot be made due to legal and tax requirements.
Reporting/Withholding/Gross-up
Joyner encourages individuals to evaluate the impact relocation benefits may have on their personal income tax scenario (e.g., state taxes, real estate taxes, deductions, etc.). Joyner does not provide tax advice. Consultation with a tax professional is highly recommended.