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Video instructions and help with filling out and completing fringe benefits examples
Today I'm talking about let us talk about fringe benefits what are fringe benefits fringe benefits are supplemental compensations for employees for example you might give an employee a company car health insurance accident Sharon's work life insurance all those are fringe benefits in other words an exchange for their time your payment is extra benefits in addition to the original salaries but only this fringe benefits are John to increase you know employees loyalty to the business well there's some changes have been made to 2021 when it comes to the fringe benefits you get to your employees let's talk about qualified bicycle reimbursement it used to be that in the past if an employer rode their bike to work you could choose to reimburse them up to $20 per month for bicycle commuting expenses and those exposes those reimbursements were excludable from wages well under the new law you have to include that as part of their wage wages salary income and which means is taxable by subject to federal tax FICA taxes so in addition to when it's subject to FICA taxes we'll do an example where you see that in addition to what you actually pay them you also pay them your portion of payroll taxes which increases what you actually have to pay out to them moving expenses sometimes you might hire somebody who stays in one city or another state and you need it to move over to come to you so what you do is you reimburse them for they're moving or it might be you have an employee you need to relocate because you're trying to open up in your office so you could reimburse them before and this reimbursement was excludable for wages well that's not the case anymore when you're reimburse employees you now have to include it as part of wages which means in addition to what you pay them you also have to pay payroll taxes unfortunately so let's say at the end of the year it doesn't have to be in here just whenever you have your employer employee party and then you give an employee achievement of words well it used to be in the past that you could exclude certain things from wages but now in the new law it's been clarified bad these items are not to be excluded so if you give your employee cash or cash equivalent skip cards in coupons certain gift certificates tickets soupy adders a sportin transportations meals lodging stocks bonds securities and other similar items they all taxable as wages so you might call an employee achiever in the wards but the IRS sees it as you paying them for their services in the past mules used to be hundred adduct of 100 percent deductible if it's for the convenience of the employer well now going forward the only way you can make a hundred percent adoptable if it's included in the wages which you're better off.