• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Fringe benefits: Watch your P’s and Q’s

by on
in Employee Benefits Program,Human Resources

As an owner of the company, you’re probably entitled to your fair share of perks (p’s) and qualified benefits (q’s). Generally, the perks you receive, which are not available to other employees, are taxable as compensation. However, qualified bennies offered to the entire workforce are generally tax-free.

Here’s a quick rundown (in alphabetical order) of some common fringe benefits that are usually tax-free at the time you get them (within limits):

  • Cafeteria plans
  • Child care assistance
  • Company car
  • Educational assistance
  • Employee discounts
  • Free parking
  • Group term life insurance
  • Health insurance
  • Incentive stock options
  • Reimbursed travel expenses
  • Retirement plan contributions
  • Transit passes
  • Working condition fringe benefits

Tip: This list is by no means all-inclusive. In addition, tax-free fringe benefits are subject to special rules, limitations and exceptions. Observe all the tax rules year-round to preserve tax-free status.  

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/10438/fringe-benefits-watch-your-ps-and-qs "

Leave a Comment