Versions: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28. 000 FXUS62 KKEY 171823 AFDKEY Area Forecast Discussion National Weather Service Key West FL 223 PM EDT WED AUG 17 2016 .DISCUSSION... .CURRENTLY... Skies are partly cloudy with temperatures ranging from the upper 80s to near 90 degrees along the Florida Keys.
The IRS treats a per diem payment as a reimbursement for business expenses. As such, the amount is not taxable income, as long as the per diem does not exceed the actual expenses incurred. Employees are expected by IRS rules to keep track of itemized expenses and return any excess per diem payment to the employer, otherwise the excess is reported as wages on the W-2, and taxed as income.
You don't normally have to pay any tax on a first slice of the income you receive in the tax year. This is known as your personal allowance and rose to Â£10,600 in 2015/16, from Â£10,000 in 2014/15. However, those whose income exceeds this figure can expect pay tax on the remainder.or 2015-16; 1  People with taxable income up to Â£31,785 are basic-rate taxpayers and pay tax at 20% (with Â£10,600 personal allowance, this gives a threshold of Â£42,385). 2  Those with taxable income over the limit pay tax at 40% on income above the threshold.