The county has a total population of 34,895 with 47% of the people living in the rural areas. Included in the Martin labor market area and within a radius of 25 miles of Martin are portions of six other Tennessee counties and two counties in Kentucky. Included in this area is a population of over 100,000 people.
DEFINITION of 'Taxable Income'. The amount of income that is used to calculate an individual's or a company's income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments that are allowable in that tax year.
This means that the entire reimbursement is taxable income for the employee. Include the amount with the employeeâs salaries and wages in box 1 on his W-2. In this instance, the only documentation you might have to furnish the IRS is proof that you issued the payment to the employee.