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Special analysis: Fringe benefits in 2017

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in Office Management,Payroll Management

Employees, especially millennials, have definite ideas about what they want in fringe benefits. Hint: It’s not just 401(k) plans and health benefits. HR may also have some pretty interesting ideas about fringe benefits.

But know this: You can’t make everyone’s wishes for tax-free benefits come true.

Student loans. Millennials have incurred a crushing amount of student debt and they want their employers to help with paying it off. Employers increasingly see student loan repayment as a recruiting tool. One company will offer some employees up to $7,200 over several years.

Not so fast: Amounts you pay toward employees’ student loans are fully taxable to employees; you can consider those payments as taxable bonuses. What’s not taxable: For employees who are still in school, you can underwrite their educational expenses, regardless of whether the education is related to their current jobs, up to $5,250 a year. For job-related edu...(register to read more)

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