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What is included in Fringe Benefits Form: What You Should Know
Fringe-Benefits 101 A fringes benefit is a form of payment provided to the employee in exchange for the employee's performance of services A fringes benefit is a form of payment provided to the employee in exchange for the employer's performance of services A fringes benefit is a form of payment provided to the employee in exchange for the employer's performance of services What is a fringes benefit? The term is broad and encompasses a wide range of benefits to employees in exchange for their work. A fringe benefit can be provided to any individual who performs services for an employer under a contract which entitles the employee for such compensation, or in addition to the employee's regular compensation, at a time or circumstances when the amount of compensation received is not based upon regular compensation. The employee's compensation for the services is determined by the terms of the contract of employment and not by the compensation level set forth in the fringe benefit plan. The term fringe benefit also includes any benefit not specifically classified as compensation. What is compensation? Compensation is a benefit due to and received by an employee which may be classified as either cash or in kind. The definition of compensation is not the same when it comes to fringe benefits. For example, your pay is in kind compensation — it represents a monetary amount, but it may not have any functional characteristics or functional characteristics which directly contribute to the performance of the employee's main purpose in the job or an essential function of the employee. Additionally, it is not compensation if it is not based upon the employee's salary and wages and is paid from or on account of any personal funds, as opposed to any of the employer's funds, or any other employee funds not directly related to, or necessary for that purpose of, the employee's work or services, that the employee may draw upon to pay his or her own reasonable expenses incurred when the employee works. (29 CFR § 523) The employee's gross income (before all employee and employer contributions) is determined as of the close of the calendar year in which the fringe benefit is provided, so fringe benefits generally must fall into the employee's gross income each year for the entire calendar year in which a pay period commences. In other words, the employee must have sufficient taxable income through the payment of wages to pay the fair market value of the fringe benefits for that time period, or the amount of compensation required under the rule for the calendar year, regardless of whether there is any taxable income from other sources.
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