The following chart compares state vs federal tax treatment of common employer-provided fringe benefits, including group-term life insurance, moving expense reimbursements, educational assistance under IRC § 127, and retirement benefits under IRC § 401(k) plans and IRC § 125 Cafeteria plans.
The IRS issued proposed regulations defining the tipped jobs that qualify for deduction under the OBBBA, and which will affect employer wage reporting on a tipped employee's Form W-2, Wage and Tax Statement.