Fringe Benefits Excluded from Income - 2003
- Topics:
- Accounting software
- Source:
- Payroll Taxes.com
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Overview: This article is about one of the benefit that is provided to employee is Fringe benefits, it cover the detail information concluding what is fringe benefits and how these are taken for taxation. The value of fringe benefits provided to the employees must be included as compensation on their Forms W-2 and you, and they, must pay all taxes due on those benefits. Generalizing from examples given in various publications, fringe benefits may be described as compensation (other than traditional salaries, bonuses, and commissions) provided to or for the benefit of employees in exchange for services rendered. As compensation, all fringe benefits are includable in income and are taxable (FIT, FICA, FUTA, and probably SIT and SUI, as well) unless they are specifically excluded from income by statute. The value of a fringe benefit is includable in the income of the employee performing the service for which the benefit is compensation, even though he may not be the actual recipient of the benefit.
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Format: HTML | Date: Jan 2003 | Pages: 1
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