Which element is not a type of taxable wage according to IRS guidelines?

Health insurance premiums are not considered taxable wages according to IRS guidelines because they are typically pre-tax deductions. When an employer offers health insurance to employees, the premiums paid by the employee are often deducted from their gross wages before calculating taxable income. This means that the amount deducted for health insurance does not contribute to the employee's taxable wages, thus making it non-taxable.

In contrast, bonuses, overtime pay, and commissions are all considered taxable wages. They are added to the employee's gross earnings and are subject to income tax withholding and payroll taxes. Understanding the distinction between taxable and non-taxable wages is crucial for payroll professionals, as it affects how employees' earnings are calculated and reported for tax purposes.