Is compensation applied toward cafeteria plans reportable compensation?

Compensation you receive and apply toward a benefit plan under Internal Revenue Code (IRC) section 125 is reportable compensation if you have an absolute right to receive cash or deferred cash payments instead of participating in the plan. If there is no cash option, the value of participating in the plan is not reportable compensation. See WAC 415-106-295.
[Statutory Authority: RCW 41.50.050(5), chapter 41.37 RCW and IRS regulations. WSR 08-02-046, ยง 415-106-290, filed 12/27/07, effective 1/27/08.]
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