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You might also want to add non-taxable perks such as time off for volunteering in the community, the occasional theater and sporting event tickets or marathon sponsorships. Some states may also tax fringe benefits, so be sure to check with your state tax authority before designing a fringe benefits package.
Ditto for bonuses that are based on actual wages paid. Best practice: List all benefits and deductions to determine whether they’re impacted: Medical, dental, life, vision, group-term lifeinsurance, long-term disability, dependent care, flexible spending accounts and healthsavingsaccounts.
There are four major types of employee benefits many employers offer: medical insurance, lifeinsurance, disability insurance, and retirement plans. Medical Insurance. Employees don’t pay taxes on this money, which means they save an amount equal to the taxes they would have paid on the money you set aside.
We are all faced with choices every day which can lead you to save time or money. Use paid time (and personal savings) for a relaxing vacation. Take out a lifeinsurance policy for added peace of mind. Additionally, you may also already have a built-in savings option to pay for your COBRA premiums.
Don’t forget about Specialty Accounts (Lifestyle Accounts) ! These personalized benefits have become increasingly popular in the workplace. They provide employers with incredible options to customize their benefits plans to suit their unique needs and budgets.
Fringe benefits can include: Cash bonuses Extra vacation time Paternity leave or extended maternity leave On-site amenities Childcare Wellness plans Retirement planning services Monthly stipends for work expenses Unless they’re working in a highly competitive field, most employees expect employers to offer fringe benefits , at least on some level.
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