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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.
Internal Revenue Code Section 132(a) provides eight types of fringe benefits that are excluded from gross income.These include fringe benefits which qualify as a (1) no-additional-cost service, (2) qualified employee discount, (3) working condition fringe, (4) de minimis fringe, (5) qualified transportation fringe, (6) qualified moving expense reimbursement, (7) qualified retirement planning ...
On March 20, 1952, the Wage Stabilization Board issued its recommendations. The report called for an 18-month-long contract, with a pay increase of 12.5 cents retroactive to January 1, 1952, followed by a 2.5 cent an hour rise on June 30, 1952, and a 2.5 cent an hour rise on January 1, 1953. Various improvements to fringe benefits were also made.
Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage up to $50,000) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Some function as tax shelters (for example, flexible spending, 401(k), or 403(b) accounts).
In 1908, the firm continued to expand its facilities. The plant at Indiana Harbor got 3 new sheet mills, 2 galvanizing pots, an 8"-11" merchant mill, and a 24" sheet bar billet and mill. [40] Two open hearth furnaces and 8 sheet mills were added in 1910. Land was leased on the Cuyuna Range in Minnesota for iron ore mining. [40]
Under US Internal Revenue Service Code § 132(a)(4), “de minimis fringe” benefits provided by the employer can be excluded from the employee’s gross income. [1] “ De minimis fringe” means any property or service whose value (after taking account of the frequency with which the employer provides smaller fringes to his employees) is so small as to make accounting for it unreasonable or ...
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The product of a merger between the Sheet Metal Workers’ International Association (SMWIA) and the United Transportation Union (UTU), SMART represents over 210,000 sheet metal workers, service technicians, bus operators, engineers, conductors, sign workers, welders, and production employees, among others, throughout the United States, Puerto ...