Louisiana Administrative Code
Title 4 - ADMINISTRATION
Part V - Policy and Procedure Memoranda
Chapter 41 - Taxable Compensation-PPM Number 73
Section V-4103 - Definitions
Current through Register Vol. 50, No. 9, September 20, 2024
A. For purposes of this memorandum the following definitions shall apply.
Compensation - includes wages, salaries, bonuses, tips, commissions, fringe benefits, termination or severance pay, commission, per diem, and any and all similar items.
Fair Market Value (FMV) - that amount of compensation that would be paid between unrelated third parties to obtain a service or benefit.
Fringe Benefits - meals, lodging, allowances, vehicle personal usage, moving expenses, etc.
Inkind - noncash compensation, may include meals, lodging, vehicle personal use, moving expenses, etc.
Reimbursed Expenses - items of expenditure incurred by an employee in the performance of his job.
Tax Liability - includes federal and state tax withholding, FICA and Medicaid withholding, and any penalty or interest payment due as a result of noncompliance.
Taxable Compensation - all compensation items not excludable as income under a specific IRS Code Section.
AUTHORITY NOTE: Promulgated in accordance with R.S. 39:78 and Executive Order Number 85-52.
