{"id":524,"date":"2010-10-04T10:42:58","date_gmt":"2010-10-04T14:42:58","guid":{"rendered":"http:\/\/www.realtaxtools.com\/Payroll-1099\/?p=524"},"modified":"2010-10-04T10:45:56","modified_gmt":"2010-10-04T14:45:56","slug":"payroll-accounting-payroll-fringe-benefits-payroll-tax-fringe-benefits","status":"publish","type":"post","link":"https:\/\/www.realtaxtools.com\/Payroll-1099\/payroll\/payroll-accounting-payroll-fringe-benefits-payroll-tax-fringe-benefits\/","title":{"rendered":"Payroll Accounting: Payroll Fringe Benefits | Payroll Tax Fringe Benefits"},"content":{"rendered":"

A fringe benefit is a type of pay for services carried out. A fringe benefit is taxable unless the law specifically excludes it. See for yourself how Payroll Mate treats fringe benefits by downloading a free <\/strong>payroll software demo<\/strong><\/a>.<\/strong><\/p>\n

The value of a fringe benefit must be included in an employee\u2019s pay if the value is more than the sum of the amount the recipient paid for the benefit or the law excludes the amount from the pay. Recipients of any fringe benefit, whom are considered employees, are subject to employment taxes. The fringe benefit is subject to Payroll taxes<\/a> and must be reported on Form W2. Special payroll accounting rules apply to fringe benefits based on the recipient of the benefit and the tax-exempt fringe benefit laws.<\/p>\n

Fringe benefits are tax exempt if they fall into specific exclusion rules. The benefit will be exempt from federal income tax and possibly social security, Medicare and or FUTA and will not be reported on W2 forms<\/a><\/strong>.<\/p>\n

Some types of fringe benefits considered tax-exempt under the current payroll accounting rules:
\nAccident and health benefits
\nAchievement awards
\nWorking condition benefits
\nAdoption assistance
\nAthletic facilities
\nDe minimis (minimal) benefits
\nDependent care assistance Educational assistance Employee discounts. Employee stock options
\nGroup-term life insurance coverage Health savings accounts (HSAs) Lodging on your business premises Meals Moving expense reimbursements No-additional-cost services Retirement planning services Transportation (commuting) benefits Tuition reduction Volunteer firefighter and emergency medical responder benefits<\/p>\n

Payroll software providers<\/strong><\/a> will find valuable information in IRS Publication15-B regarding treatment of fringe benefits under employment taxes.<\/p>\n

Our payroll accounting solution<\/a> supports user-defined Income, Tax, and Deduction categories. This feature allows employers to enter fringe benefits in a manner required by law. Easily enter fringe benefits as taxable or tax-exempt.<\/p>\n

Find more information about our cost effective payroll software online at http:\/\/www.realtaxtools.com\/<\/a> \u00a0or try Payroll Mate for yourself by downloading a <\/strong>payroll software free trial<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Payroll fringe benefits can be entered in our payroll program, Payroll Mate. Our payroll accounting software allows for user-defined payroll taxes including fringe benefits payroll tax (both taxable and tax-exempt).<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-524","post","type-post","status-publish","format-standard","hentry","category-payroll"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/posts\/524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/comments?post=524"}],"version-history":[{"count":4,"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/posts\/524\/revisions"}],"predecessor-version":[{"id":529,"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/posts\/524\/revisions\/529"}],"wp:attachment":[{"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/media?parent=524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/categories?post=524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realtaxtools.com\/Payroll-1099\/wp-json\/wp\/v2\/tags?post=524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}