Educational Assistance Policy For Employees In New York
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FAQ
No reporting or tax withholding is required on educational assistance benefits provided to State employees up to the $5,250 limit for the tax year. Benefits that exceed the $5,250 limit are generally taxable, unless they qualify for exclusion as a “working condition fringe benefit.”
Limit: The maximum permissible limit under Section 80C of the Income Tax Act 1961 is Rs. 1.5 lakh with deductions eligible only for two children per assessee.
Tuition reimbursement is available to M/C employees for educational course work that is categorized as either job-related or career-related and offered by approved schools or organizations.
For the American Opportunity Credit the education credit income limit is as follows: Single, head of household, or qualifying widow(er) — $80,000-$90,000. Married filing jointly — $160,000-$180,000.
Similar to federal law, state law provides that contributions made to a qualified tuition program are not deductible.
Tuition reimbursement amount is now $5,000 for employees in certain bargaining units.
Health insurance in New York While health insurance isn't required by state law, federal law requires employers with 50 or more full-time equivalent employees (FTEs) to provide insurance with minimum essential coverage (MEC). Offering health benefits to your workers is a great way to attract and retain top talent.
