Page 23 - IRS - Owning a Business

Taxable and Nontaxable Income (2/7)

Employment Compensation

Generally, you must include in gross income

everything you receive in payment for personal
services. In addition to wages, salaries,
commissions, fees, and tips, this includes other

forms of compensation such as fringe benefits
and stock options.

You should receive a Form W-2, Wage and Tax
Statement, from your employer showing the pay

you received for your services.

7 Child Care Providers - If you provide child care,

either in the child's home or in your home or
other place of business, the pay you receive must

be included in your income.

Babysitting - If you babysit for relatives or
neighborhood children, whether on a regular
basis or only periodically, the rules for childcare

providers apply to you.
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