INCLUDIBLE COMPENSATION Definition

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INCLUDIBLE COMPENSATION is defined in section 403(b)(3) of the Internal Revenue Service (IRS) Code as compensation, received from a qualifying employer by an employee, which is includible in the employees gross income for the most recent period which may be counted as 1 year of service. In this connection, section 1.403(b)-1(e)(1) of the regulations provides that for purposes of computing an employees exclusion allowance for a taxable year, such employees includible compensation in respect of such taxable year means the amount of compensation which is includible in his gross income.

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EXPLORATORY RESEARCH is a method used when gathering primary information for a market survey where targeted consumers / customers are asked very general questions geared toward eliciting a lengthy answer.

DAY BOOK is a written record/ledger in which transactions have been recorded as they occurred.

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