LAC 4:V.4103. Definitions

A. For purposes of this memorandum the following definitions shall apply. Compensation―includes wages, salaries, bonuses, tips, commissions, fringe benefits, termination or severance pay, commission, per diem, and any and all similar items. Fair Market Value (FMV)―that amount of compensation that would be paid between unrelated third parties to obtain a service or benefit. Fringe Benefits―meals, lodging, allowances, vehicle personal usage, moving expenses, etc. Inkind―noncash compensation, may include meals, lodging, vehicle personal use, moving expenses, etc. Reimbursed Expenses―items of expenditure incurred by an employee in the performance of his job. Tax Liability―includes federal and state tax withholding, FICA and Medicaid withholding, and any penalty or interest payment due as a result of noncompliance. Taxable Compensation―all compensation items not excludable as income under a specific IRS Code Section.