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An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
Under the law, the taxpayer for each year is generally entitled to deduct either the actual expense amount, or an amount computed using the standard mileage rate, whichever is greater. The business mileage reimbursement rate is used by some employers for computing employee reimbursement amounts when an employee operates a motor vehicle not ...
Many employers who switched to remote work during COVID-19 are calling employees back into the office, at least a few days each week.GOBankingRates surveyed 1,028 Americans about their finances in ...
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Commuting has always been one of the lousiest parts of the working life -- and the most costly. During the pandemic shutdowns, Americans saved an average of $2,000 each on commuting expenses,...
A parking and transit account allows employees to pay parking or public transit expenses with pre-tax dollars up to certain limits. Though not as common as the FSAs listed above, some employers have offered adoption assistance through an FSA. Also, one cannot have a health care FSA if he or she has a High Deductible Health Plan (HDHP) with a ...
Employees can also now contribute up to $3,300 to health flexible savings accounts, with a carryover maximum of $660. This increase allows workers to set aside pre-tax money for medical expenses ...