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A cafeteria plan or cafeteria system is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. [1] Its name comes from the earliest versions of such plans, which allowed employees to choose between different types of benefits, similar to the ability of a customer to choose among available items in a cafeteria.
The Bureau of Labor Statistics, [3] like the International Accounting Standards Board, [4] defines employee benefits as forms of indirect expenses. Managers tend to view compensation and benefits in terms of their ability to attract and retain employees, as well as in terms of their ability to motivate them.
Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage (up to US$50,000) (and employer-provided meals and lodging in-kind, [22]) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Some function as tax shelters (for example ...
This term may also denote a structured method in which employees receive financial compensation and additional benefits in return for their labor and contributions. [1] Compensation can be any form of monetary such as salary, hourly wages, overtime pay, sign-on bonus, merit bonus, retention bonus, commissions, incentive pay or performance-based ...
You can claim a deduction for medical and dental expenses that are greater than 7.5% of your adjusted gross income if you itemize deductions. Qualifying expenses include payments to doctors and ...
Median household income and taxes. The Federal Insurance Contributions Act (FICA / ˈ f aɪ k ə /) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare [1] —federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.
Half of Self-Employment Taxes If you’re self-employed , you can deduct 50% of the 12.4% Social Security tax on net self-employment income up to an annual ceiling, according to the NOLO legal ...
The amount of the deduction gradually decreases for a single filer with a modified adjusted gross income of $70,000, or $140,000 if you’re married and filing a joint return, according to Money.
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