A: In general, fringe benefits are taxable, meaning that they are subject to federal income tax, Social Security tax, and Medicare tax. However, some fringe benefits may be exempt from taxation, depending on the specific benefit and the circumstances under which it is provided. Q: Can employe...
Hicks, John
A comprehensive guide to employee benefits for small business owners. Learn how to attract and retain talent with competitive benefits packages, from health insurance to retirement plans.
Regardless of the reason, if your new home would be in a state with a higher tax rate than you have now, converting money to a Roth IRA from a 401(k) or traditional IRA would mean being able to avoid that new, higher rate altogether when you take money out. On the other hand, if...
SSA-1099: Social Security benefits The Social Security Administration will sendForm SSA-1099to people who receive Social Security benefits since some of the income is considered taxable. Read more fromFortune Thebest high-yield savings accountsoffer APYs up to 5%. Here are the best rates for toda...
duty pay, bonus pay and incentive pay are all taxable income. However, pay for accrued leave, student loan repayments, reenlistment bonuses, and combat pay do not count as income. Allowances, like living and uniform allowances, life insurancepayments, and death benefits, are not taxable. ...
Survivor Benefits are available after your spouse’s (or ex-spouse’s) death. Social Security Survivor Benefits are much different from Spousal Benefits in several ways. In fact, there’s very little to compare between the two, other than that they are benefits for the spouse or ex-spouse ...
The key point for this article is that contributions to certain retirement accounts can be tax deductible. For example, if you earn $50,000 in a year and contribute $5,000 to a traditional IRA, you can deduct the $5,000 from your taxable income. ...
The insurance company will report the total annual payouts to you and to the IRS onForm 1099-R. Usually, the form will also show your taxable amount, so that you won’t have to figure it out yourself.11 Taxes at Death The variable annuity contract may provide that at your death, a pe...
Any annuity can be beneficial or not, depending on whether it matches your financial goals. Those looking at annuities should fully understand both their benefits and drawbacks. Annuity holders will pay fees up-front and sacrifice potential returns possibly earned elsewhere, but in return an annuity...