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Internal Revenue Code Section 132(a)
Internal Revenue Code Section 132(a) provides eight types of fringe benefits that are excluded from gross income. These include fringe benefits which qualify as a (1) no-additional-cost service, (2) qualified employee discount, (3) working condition fringe, (4) de minimis fringe, (5) qualified transportation fringe, (6) qualified moving expense reimbursement, (7) qualified retirement planning services, or (8) qualified military base realignment and closure fringe.26 U.S. Code § 132 - Certain fringe benefits . ''Internal Revenue Code''. Legal Information Institute, Cornell University Law School. Fringe benefits excluded from gross income No-Additional-Cost Service A No-Additional-Cost Service is defined in Section 132(b) as any service provided by an em ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, covering federal income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873. Title 35 of the Revised Statutes was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cafeteria Plan
A cafeteria plan or cafeteria system is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. Its name comes from the earliest versions of such plans, which allowed employees to choose between different types of benefits, similar to the ability of a customer to choose among available items in a cafeteria. Qualified cafeteria plans are excluded from gross income. To qualify, a cafeteria plan must allow employees to choose from two or more benefits consisting of cash or qualified benefit plans. The Internal Revenue Code explicitly excludes deferred compensation plans from qualifying as a cafeteria plan subject to a gross income exemption. Section 125 also provides two exceptions. If the cafeteria plan discriminates in favor of highly compensated employees, the highly compensated employees will be required to report their cafeteria plan benefits as income. The second exception is that if "the statutory nontaxable benefi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment". A health insurance policy i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Workers' Compensation
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The trade-off between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain.” One of the problems that the compensation bargain solved is the problem of employers becoming insolvent as a result of high damage awards. The system of collective liability was created to prevent that and thus to ensure security of compensation to the workers. While plans differ among jurisdictions, Provision (contracting), provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functionin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Term Life Insurance
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time. Term life insurance can be contrasted to permanent life insurance such as whole life, universal life, and variable universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse due to failure to pay premiums. Term insurance is not generally used for estate planning needs or chari ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demonstration Cities And Metropolitan Development Act Of 1966
The ''Demonstration Cities and Metropolitan Development Act'' of 1966 was enacted by the United States Congress to guarantee that federal grants were being spent on set projects in urban redevelopment. It was enacted as a broad urban planning program meant to revitalize cities and improve the welfare of people living in underdeveloped neighborhoods. The act provided aid to cities rebuilding blighted areas, while also offering measures that dealt with mass transit, beautification, conservation, water and air quality, public safety, and support for the arts and humanities. History During the 1960s, President Lyndon B. Johnson initiated the expansion of federal grant programs for construction projects. In an effort to increase the need to coordinate these projects, the act helped coordinate projects for urban renewal, highways, transit, and other construction projects. These projects focused on the support of cities and metropolitan development. Therefore, Johnson remarked that the l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Cuts And Jobs Act Of 2017
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. The legislation is commonly referred to in media as the Trump Tax Cuts. Major elements of the changes include reducing tax rates for corporations and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting state and local tax deduction, deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and reducing the penalty for violating the individual mandate of the Affordable Care Act (ACA) to $0. ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unrelated Business Income
Unrelated Business Income Tax (UBIT) in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax-exempt 26 U.S.C. 501 organization that is not related to the tax-exempt purpose of that organization. Requirements For most organizations, a business activity generates unrelated business income subject to taxation if: #It is a trade or business, #It is regularly carried on, and #It is not substantially related to furthering the exempt purpose of the organization. A trade or business includes the selling of goods or services with the intention of having a profit. An activity is regularly carried on if it occurs with a frequency and continuity, similar to what a commercial entity would do if it performed the same activity. An activity is substantially related to furthering the exempt purpose of the organization if the activity contributes importantly to accomplishing the organization's purpose, other than for the sake of p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fringe Benefits
Employee benefits and benefits in kind (especially in British English), also called fringe benefits, perquisites, or perks, include various types of non-wage compensation provided to an employee by an employer in addition to their normal wage or salary. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a "salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing (employer-provided or employer-paid) furnished or not, with or without free utilities; group insurance (health insurance, health, Dental insurance, dental, life insurance, life, etc.); Disability insurance, disability income protection; retirement plan, retirement benefits; daycare; Tuition payments, tuition reimbursement; sick leave; Annual leave, vacation (paid and unpaid); social security; profit sharing; employer student loan contribut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Society For Human Resource Management
The Society for Human Resource Management (SHRM) is a professional human resources membership association headquartered in Alexandria, Virginia. SHRM promotes the role of HR as a profession and provides education, certification, and networking to its members, while lobbying United States Congress, Congress on issues pertinent to labor management. History Founded in 1948 as the American Society for Personnel Administration (ASPA), the organization operated on a volunteer basis until 1964, when it established headquarters in Berea, Ohio, and began hiring staff members. In 1984, the headquarters was moved to Alexandria, Virginia, and in 1989, the organization changed its name to the Society for Human Resource Management. The association has more than 575 chapters worldwide, and more than 400 staff members. In 2022, SHRM acquired Linkage Inc. and CEO Academy, now serving nearly 325,000 members in 165 countries. The president and chief executive officer is Johnny C. Taylor Jr., John ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gross Profit
For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions). For a business, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments. This is different from operating profit (earnings before interest and taxes). Gross margin is often used interchangeably with gross profit, but the terms are different. When speaking about a monetary amount, it is technically correct to use the term "gross profit", but when referring to a percentage or ratio, it is correct to use "gross margin". Relationship with other accounting terms The various deductions (and their corresponding met ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
