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Illinois State University
01/22/2025 | News release | Distributed by Public on 01/22/2025 07:41
Personal use of employer vehicle
Personal use of employer vehicle
- Author By Payroll Office
- January 22, 2025
Illinois State University fleet vehicles
Illinois State University is electing to forgo withholding income taxes on the value of an employee's personal use of an employer-provided vehicle. Per IRS regulations, employees are subject to federal and state income and withholding taxes on the value of their personal use of an employer-provided vehicle.
Employers are required to include the value of the personal use on the employee's Form W-2. The University is also required to withhold employment taxes, such as Medicare and Old-Age, Survivors, and Disability Insurance (OASDI) if applicable.
Employees may amend their Form W-4 to increase tax withholding amounts by following the Updating Tax Withholding - Self Service instructions. Employees may also make payments of estimated taxes by filing IRS Form 1040-ES. A tax advisor should be consulted for additional information.
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Illinois State University published this content on January 22, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on January 22, 2025 at 13:41 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]