Unit 2 Fringe Benefits Fringe benefits are benefits that don’t usually make part of your fixed component‚ but are added benefits mainly because of the position/designation you hold in the organization. Fringe benefits therefore vary from employee to employee as per their grades in the organization. Fringe benefits include benefits such as Car + Diesel Allowance‚ House decoration and renovation allowance‚ School admission for employee’s children‚ and such benefits that are mostly personal. It
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1. What do you mean by fringe benefits? Give any two examples? Ans. A Different offers a company groups together for an employee are collectively known as a fringe benefits packages. B An employment benefit given in addition to one’s wages or salary‚ or Benefits‚ other than wages or salary‚ provided by an employer for employees Any nonwage payment or benefit granted to employees by employers. C A payment to a worker in addition to salary or wages. It may take the form of cash‚ goods‚ or services
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Fringe Benefits A collection of various benefits provided by an employer for the employee‚ which are exempt from taxation as long as certain conditions are met. Any employee who receives taxable fringe benefits will have to include the fair market value of the benefit in their taxable income for the year‚ which will be subject to tax withholdings‚ and social security benefits payments. Fringe benefits commonly include health insurance‚ group term life coverage‚ education reimbursement‚ childcare
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TITLE OF THE PROJECT FRINGE BENEFIT TAX SUBMITTED BY PRIYANK JAGAWANSHI 08B088 priyankjagawanshi@gmail.com 2008-2013 VII SEMISTER SUBMITTED TO Mr. CHAMARTI RAMESH KUMAR ASSISTANT PROFESSOR OF LAW 1|P a ge CONTENTS ACKNOWLEDGEMENT 3 ABSTRACT 4 INTRODUCTION 5 FRINGE BENEFITS TAX (FBT) 6 LEGISLATION AND STATUTORY REGULATIONS 8 EXEMPTIONS IN FRINGE BENEFITS TAX 10 ABOLITION OF FBT – REASONS 11 IMPACT OF ABOLITION OF FRINGE BENEFITS TAX 14 CONCLUSION
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Fringe Benefit Tax (FBT): • Fringe benefits tax (FBT) is paid on certain benefits employers provide to their employees or their employees’ associates in place of salary or wages. • Fringe: Not part of the mainstream; unconventional‚ peripheral‚ or extreme. • The FBT should be a major concern for the Vybhav Corporation when they planned to increase the fringe benefits. • Employee welfare‚ health club sports and similar facilities. 30 percent. • The employer pays the FBT but many of them recover
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Intro Compensation and benefits packages are used by companies to retain and attract talent. Benefits can be used to keep employees happy at work and to up your overall productivity. In this economy it is vital to offer competitive compensation and benefit packages to assist in the retention as the economy rebounds from its current state. In order to offer a competitive package‚ you should be aware of the types of employees you are looking to attract and also the employees that are currently working
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Employee Benefits Theatric L. Ishmon Upper Iowa University Human Resource Management October 19‚ 2012 Abstract Employee benefits could possibly be one of the most important factors that employees look at when deciding on a place of employment. As employers are not legally required to grant all benefits‚ some voluntarily grant legally not required benefit as a way of differentiating their organization from their competitors. Because of the many forces that must be weighed and kept in balance
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Employee benefits Depending on the business‚ meeting employer business goals may be highly dependent on having the right human capital and keeping workers satisfied and motivated. Often‚ attraction and retention of employees are key business issues. The discussion of employer goals for retirement benefits below and the data provided demonstrate that employers are viewing the provision of these benefits as a key business issue‚ with attraction‚ retention and being competitive being the three top
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Employee Benefits Increasingly‚ employees are being allowed to choose benefit packages from a menu of items. For instance‚ workers may be given a package of benefits that includes basic and optional items. Basics might include modest medical coverage‚ life insurance equal to a year’s salary‚ vacation time based on length of service‚ and some retirement pay. But then employees can use credits to choose among such additional benefits as full medical coverage‚ dental and eye care‚ more vacation
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Employee benefit plans are continually evolving as the needs‚ desires‚ and majority age of the working population shift. In addition to these factors‚ the fluctuating state of our economy and the healthcare reform are driving employers to find creative ways to continue to provide‚ or enhance‚ benefits while still cutting costs. According to a survey conducted by the SHRM Foundation‚ 72% of HR professionals reported that the benefits offerings at their organization have been affected in some way
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