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fringe benefit |
Also found in: Dictionary/thesaurus, Medical, Financial, Acronyms, Wikipedia, Hutchinson | 0.04 sec. |
fringe benefitAny nonwage payment or benefit granted to employees by employers. Examples include pension plans, profit-sharing programs, vacation pay, and company-paid life, health, and unemployment insurance. Employers' payments for fringe benefits are included in employee-compensation costs and therefore are not usually taxed. If the cost of fringe benefits were paid directly as wages, the worker would pay taxes on this amount and therefore have less to spend when purchasing equivalent benefits independently. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Thus, there is no fringe benefit paid to the 2% shareholder, Sec. Beyond wages to lower-bracket children, consider compensation from a C corporation (or a proprietor to a spouse) to gain fringe benefit advantages. Under long-established law, when a corporate officer uses a company jet for his own personal reasons, unrelated to the business of the company, the use of that company plane is considered a fringe benefit and the officer has to recognize the value of that fringe benefit as additional compensation on his personal income tax return. |
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