Your guide to Taxable Fringe Benefits

There are a variety of perks offered by employers to make jobs more enticing. If you started a new job or are preparing your taxes, you might want to know more about these taxable fringe benefits. Or maybe you’re an employer who wants to know what qualifies as a fringe benefit and how they are taxed. We will outline some examples of fringe benefits and what they look like to employees and go over some examples of non-taxable fringe benefits. We will also go over what these taxable fringe benefits mean for employees. Whatever the case, you can be armed with knowledge about fringe benefits whether you are receiving or supplying them. 1. What are Some Examples of Fringe Benefits? If you get something outside of a regular paycheck from your employer, chances are it’s a fringe benefit. These perks are meant to offer motivation to the employees to do better work, and in some cases to retain employees. Some common benefits offered are:Insurance coverage: This could include health insurance, life insurance, or even disability insurance. Insurance is one of the most popular fringe benefits you will find. Retirement contributions: Whether it is 401k contributions or something else, companies often offer this kind of benefit. Transportation reimbursement: If you live in a city with public t...
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