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Fringe benefits definition examples Form: What You Should Know

Fringe Benefits: Definition, Types, and Terms Fringe Benefits ‚ÄĒ Definitions, Types, and Benefits What are fringe benefits & how much do they cost? How are they taxed? When are fringed benefits taxable? Fringe benefits include:¬† Health insurance for employees The cost of employer¬†employee¬†health coverage, including: doctor's visits, emergency room visits, prescription drugs, hospitalizations, and hospital out-patient medical care. It does not include: pain and suffering¬†physical pain (including¬†worried sick days),¬†trauma¬†medical equipment or supplies,¬†physician or equipment¬†surgical facilities¬†and¬†physician and outpatient services. Life insurance benefits The value of any life insurance, cash life insurance, or long-term care insurance,¬†and any payments that must be made with after-tax dollars. The rules regarding fringe benefits can be found¬†here. Employee Stock Options The value of any employee stock options. For more information see here. 401(k) Retirement Plan(s) the value of any employer-sponsored retirement plan. For details, see here. Vacation Time to match your employees¬†other¬†time Retirement Benefits Tax and Thrift Savings Tax If you are¬†eligible¬†for both retirement contributions and the tax exclusion for retirement savings withdrawals, the amount of contribution¬†allowed¬†is lower than 18,000. To find out how to calculate the tax exclusion in retirement accounts, see the¬†here. The amount of tax you must pay depends on whether you can deduct your IRA contributions when you file your tax return. If you are not eligible for the tax exclusion, you will need to pay the amount of tax you might owe if you¬†contributed¬†6,000 to your 401(k), or 1,000 for a traditional IRA, and still have 6,000 or more in your IRA. The amount of tax you will pay for¬†a qualified small business retirement plan, like an RPP, is equal to 25% of the excess amount over 6,000. The tax is even more severe for non-qualified plans.

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