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Employee Benefits PDF Print E-mail
Written by Loel Garza   
Wednesday, 10 December 2008 20:57

Employee Benefits

Employee Benefits are all benefits provided or made available to employees by an employer regardless of whether such benefits are provided by a written policy of an employer or through an employee benefits plan.  Also known as fringe benefits or perks due to various non-wage compensations provided to employees in addition to their normal wages or salaries.

Normally, employer provided benefits are tax-deductible to the employer and non-taxable to the employee.  The exception to the general rules should be discusses with tax adviser.

Cafeteria Plans would be offered in most instances when the plans are funded by both the employees and by the employer.  The portions paid by the employee are deducted from their gross pay before federal and state taxes are applied.  Some benefits would still be subject to the FICA (SS and Medicare) tax, such as 401 (k) contributions; however, health premiums, some life premiums, and contributions to flexible spending accounts are exempt from FICA.  Please discuss with your tax advisor for further clarification.

Voluntary Benefits is the name given to a collective of benefits that employees choose to opt-in for and pay for personally.

Many individuals receive health insurance from their employer as a benefit, but others must shop around for the right product and policies within their budgetary needs. Policies that will pay for specified sums and/or for expenses or treatments can offer many options and vary in their approaches to coverage.

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Last Updated on Thursday, 08 January 2009 07:36
 

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