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An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
A company car is a vehicle which companies or organizations lease or own and which employees use for their personal and business travel. [1] A take-home vehicle is a vehicle which can be taken home by company employees. Depending on the company, company cars may be available to all employees or just top-level personnel. [2]
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
While FDIC insurance protects your bank deposits up to $250,000, SIPC insurance safeguards your investment accounts differently. The Securities Investor Protection Corporation (SIPC) provides up ...
Employee benefits in the United States include relocation assistance; medical, prescription, vision and dental plans; health and dependent care flexible spending accounts; retirement benefit plans (pension, 401(k), 403(b)); group term life insurance and accidental death and dismemberment insurance plans; income protection plans (also known as ...
Since after novation of the lease the employer is now paying the running costs of the vehicle and providing the use of the vehicle to the employee, it is a fringe benefit. Cars are treated in a concessional manner by the fringe benefits legislation and rather than using the actual running costs, the value of the fringe benefit can be set at 20% ...
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How Social Security benefits work. Social Security is a federal retirement insurance program. Most people who have worked and paid taxes in the U.S. for more than 10 years are eligible for Social ...