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Under US Internal Revenue Service Code § 132(a)(4), “de minimis fringe” benefits provided by the employer can be excluded from the employee’s gross income. [1] “ De minimis fringe” means any property or service whose value (after taking account of the frequency with which the employer provides smaller fringes to his employees) is so small as to make accounting for it unreasonable or ...
Internal Revenue Code Section 132(a) provides eight types of fringe benefits that are excluded from gross income.These include fringe benefits which qualify as a (1) no-additional-cost service, (2) qualified employee discount, (3) working condition fringe, (4) de minimis fringe, (5) qualified transportation fringe, (6) qualified moving expense reimbursement, (7) qualified retirement planning ...
The Social Security Fairness Act (SSFA), which was recently signed into law by President Joe Biden, eliminates rules that reduce Social Security benefits for those who also get income from public...
The cost of employer-provided group-term life insurance on the life of an employee's spouse or dependent, paid by the employer, is not taxable to the employee if the face amount of the coverage does not exceed $2,000. This coverage is excluded as a de minimis fringe benefit. Some cases may allow more. [5]
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...
Source: Social Security Administration. Aside from the tax implications, knowing the annual wage base limit is important for people aiming to receive the maximum possible monthly benefit ($5,108 ...
Under U.S. tax rules, the de minimis rule governs the treatment of small amounts of market discount. Under the rule, if a bond is purchased with a small amount of market discount (an amount less than 0.25% of the face value of a bond times the number of complete years between the bond's acquisition date and its maturity date) the market discount is considered to be zero and the discount on the ...
The Windfall Elimination Provision affects people who qualify for Social Security benefits through their job but also receive a pension from another job where they didn't pay into Social Security.
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