Idaho Approval of Incentive Stock Option Plan
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How to fill out Approval Of Incentive Stock Option Plan?
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FAQ
Because stock plan shares are considered income, ordinary income and FICA taxes2 apply (except for tax-qualified employee stock purchase plans (ESPPs) and incentive stock options (ISOs)). Your company reports these amounts on your W-2 for tax-filing purposes.
Qualified stock options, also known as incentive stock options, can only be granted to employees. Non-qualified stock options can be granted to employees, directors, contractors and others. This gives you greater flexibility to recognize the contributions of non-employees.
ISOs can be taxed based on their spread or on any increase or decrease in value. ISO income is exempt from FICA taxes: Medicare and Social Security, but it can be subject to the Alternative Minimum Tax (AMT).
If "taken into account" when credited to the employee's account, then any appreciation in the value of the stock is not FICA wages when the executive cashes-out the phantom stock. However, such appreciation is income to the employee and subject to FITW.
If this amount is not included in Box 1 of Form W-2, add it as "Other Income" on your Form 1040. Report the sale on your 2023 Schedule D, Part I as a short-term sale. The sale is short-term because not more than one year passed between the date you acquired the actual stock and the date you sold it.
To qualify, ESPPs generally have to be available to all full-time employees with a certain amount of time vested in the job. Participants may need to hold their shares for at least one year after the purchase date and two years after the grant date to take advantage of the long-term capital gains rate.
Where an award holder is already eligible to retire at grant, the RSU is subject to FICA upon grant. Otherwise, if the award holder becomes eligible to retire prior to the vesting date stated in the award, the RSU is subject to FICA at the time retirement eligibility is achieved.
Taxes and Incentive Stock Options Your employer isn't required to withhold income tax when you exercise an Incentive Stock Option since there is no tax due (under the regular tax system) until you sell the stock.