To provide guidance to University departments and staff of their responsibility to inform Payroll Services of taxable fringe benefits provided to employees and to facilitate proper withholding and reporting of payroll taxes.
The University complies with IRS rules which considers all compensation paid to, or on behalf, of an employee as taxable unless specifically excluded by IRS code. Fringe benefit is any form of pay other than money to an employee, including gift certificates and property.
V. Procedures