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ClockworkLexivore t1_jabpagc wrote

Imputed income is non-wage, non-salary stuff you get as part of your job - benefits you don't pay for, but which still has a price tag attached. You get it for "free" but you still have to pay taxes on its value as if you'd made the money. The usual examples are use of a company car, or a membership to the place you work (gyms, spas, etc.).

So your friend may have a work benefit where they can give out a free ticket. They don't have to pay $55 for it, but they'll have to pay taxes as if they got $55 extra in their paycheck.

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Chii t1_jabpau4 wrote

Imputed means access without having to pay real cash for.

it is basically "virtual" income (not virtual as in computer/internet, but "as if" real). By being able to book via someone working at the airport, you gained an advantage, which is valued at $55 (somehow, not sure how they calculate it...).

Often, it is considered that owning your own place of living as a form of imputed rental income, because you got access to living in a property without having to pay the equivalent rent to someone.

Edit: from my understanding, imputed income should not be taxed, but different countries treat this differently.

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Captain-Griffen t1_jac1kl3 wrote

Imputed income that comes from employment is usually taxable. The company might automatically cover the taxes on the imputed income, though (which is then itself income that is taxable).

Imputed income from owning a house wouldn't be, as there is no taxable event. (Although there might well be property taxes that achieve a similar result.)

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blipsman t1_jad0k86 wrote

It is basically the income equivalent of a company benefit, for income calculation/taxation purposes. Like if you got a company car and used it 50% for work, but also 50% for personal use and the lease was $500/mo, then you'd have to report $250/mo. (or $,3000 a year) as income because use of the car was a form of compensation worth $3000.

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