I had a Christmas party at my job and they were raffling gifts and they said if you receive a gift they are considered taxable. What does this mean? I got a crockpot lol
the employer can give gifts to employees not to exceed $25
if this is a company raffle and there are large prizes, that will be $600 or more they are taxable to the winner, ie a cruise vacation would very likely be one and you would pay taxes on the value
If the gift is under $25 and not cash or a gift card, it doesn't have to be declared as income on your income tax. I would think a crock pot would be under that. A gift over that amount from your employer is supposed to be run through payroll and added to your W2.
It is taxable as income to you because it is from your employer.
It means they count as taxable income, meaning they're value is added to the amount you are paid by the company to determine how much tax you pay.
it means they value is taxable
The value of the item goes on your income tax as miscellaneous income.
It means that you must pay income tax on what you won.
The value of the item will be included in your wages.