What is a taxable benefit?Payroll Taxes:A charge on an entity's employee wages, tips, and salaries that is withheld from their pay by the organization's employer is a "payroll tax". Such a tax is collected by the employer, and thus it's deposited by them to the federal government....
A tax benefit is any legal provision in thetax codethat allows you to reduce your tax bill. What are the types of tax benefits? Deductions, credits, and exemptions are some of the main types of tax benefits. Deductions and exclusions lower your taxable income, whilecreditsdirectly lower how...
An exclusion is also considered a tax benefit even though the savings are not always calculated on your tax return. Though it is possible to calculate your tax savings by including the amount in your taxable income, essentially exclusions refer to certain types of income that government specificall...
They are called by many names—deductions, credits, exclusions, but they can be a big benefit by helping you reduce your tax bill. Here are the details.
What are the various plan options available for the benefit plan? What is the count of eligible workers for a benefit plan? Which enrollment plan has the highest eligibility count? Can I get a trending report on the participant costs for benefit plans? Can I get the count of em...
A fringe benefit, sometimes referred to as an employee benefit or perk, is the additional compensation or benefit an employer offers an employee on top of their regular salary or wages. The IRS considers most fringe benefits to be taxable compensation that must be reported on tax forms (e.g...
A taxable estate is the assets left behind by a deceased person that are still subject to some type of taxation action. When the...
A tax rate is the percentage of a person's taxable income. In progressive tax systems, a person's tax rate increases or decreases...
The entire purpose of tax deductibles is to provide financial relief by lowering taxable income. By subtracting eligible expenses from their income, taxpayers can effectively retain more of their earnings. This had the added benefit of stimulating theeconomy, as the taxpayer now has greater disposable...
Some municipal governments issue taxable bonds to finance projects that do not benefit the public at large. Interest from municipal bonds issued to finance projects with no obvious public benefit is taxable since the federal government will not subsidize the financing of these projects. Since income ...