In short, yes.
In the United States or other countries that follow these rules, if you are an employee or are hired as a part of a Limited Company, you are required by law to pay income tax on all employment earnings. So, you must pay income tax on any remuneration that you receive.
Please remember that any company benefit is treated as earnings for income tax purposes and taxed accordingly. Typically, the cash equal to the company benefit is aimed to help calculate how much income tax an employee should pay.