article thumbnail

What Are Fringe Benefits and Are They Taxable?

HR Digest

Some companies can offer mental health support for all their employees. Something as serious as retirement planning assistance could just as soon be a benefit as providing a gym membership for employees who want to work out. Fringe benefits can take on many forms and its definition can vary according to the company.

401(k) 52
article thumbnail

What Are fringe benefits? Options, taxability, and other considerations.

Business Management Daily

Social security and workers’ comp, for example, aren’t usually bonus options and so are not considered fringe benefits. These are small perks or gifts from employers that are so minor in value that it would be impractical to track them for tax purposes.

Taxes 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Everything You've Ever Wanted To Know About ESOP Plan

Vantage Circle

ESOP plan (employee stock ownership plan) is a form of employee compensation that provides employees with an equity stake in the company. It is also referred to as an employee stock option plan (ESOP) or an employee stock purchase plan (ESPP).

401(k) 52
article thumbnail

Understanding Taxable Benefits In A Quick and Easy Way

Vantage Circle

Employee discounts. Employee stock options. Retirement planning services. De minimis (minimal) benefits. Dependent care assistance. Educational assistance. Employer-provided cell phones. Group-term life insurance coverage. Lodging on your business premises. No-additional-cost services. Tuition reduction.

article thumbnail

7 Noteworthy Fringe Benefits for your Workforce in 2020

Vantage Circle

Hence, giving your employees access to these privileges will not only help them save their hard-earned income to some extent but will also alleviate their own stature as employees of your organization. Employee Retirement Plan Benefits. Employee Stock Options.

article thumbnail

The A to Z Explanation About Phantom Stocks

Vantage Circle

A phantom stock, also known as “shadow stock” or “ghost shares”, gives employees the opportunity to share in the wealth and success of the company. Companies do this by providing employees with a stake in the company's stock as well as a retirement plan to ensure they have enough money later on in life.

article thumbnail

17 Essential Employee Benefits Ideas to Boost Morale and Productivity

Empuls

While salary and wages are important, they are only one part of the equation when it comes to attracting and retaining talented employees. Providing a comprehensive benefits package is essential for keeping employees happy, healthy, and motivated. Costco Costco is known for providing its employees with competitive wages and benefits.