What are Fringe Benefits?
A fringe benefit is a form of pay for the performance of services. An employer can offer various types of employee fringe benefits that are eligible for the fringe benefits tax deduction. Examples include:
- Disability insurance that is taxable but exempt from FICA and unemployment
- Group term life insurance up to $50K for regular non-shareholder employees
- Working condition benefits, such as a corporate car and smartphone
- Job-related education
- De minimis benefits, such as the use of a company copy machine, small gifts, occasional parties and picnics, occasional theater or sporting events and benefits from points and miles programs.
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