Transcription of Chapter 3 Compensation - IRS tax forms
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Chapter 3- Compensation Page 3-1 Compensation Chapter 3 Compensation By Christopher J. Connors, Michelle L. Owen, &Laura A. Schaefer Reviewers: Patricia F. Philips (Pittsburgh) & Mark C. Retta (Cincinnati) INTERNAL REVENUE SERVICE TAX EXEMPT AND GOVERNMENT ENTITIES Overview Introduction Often when the word Compensation is spoken, a vision of dollar signs flash inside your head and a smile creeps onto your face. There are not many things that could create this effect with just a simple word.
• elective contributions to a Section 457(b) eligible deferred compensation plan or to a cafeteria plan (Section 125 plan), and • elective deferrals as described under IRC Section 402(g)(3). This includes elective deferrals to a 401(k) plan, a Section 403(b) tax shelter annuity plan, a SIMPLE IRA, or a SARSEP, including catch-up contributions
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