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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 ...
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.
Imputed income refers to the value of non-cash benefits that an employee receives. Understanding the ins and outs of imputed income is essential because this form of compensation can directly ...
In 1985, in a discussion of "in kind" income, Professor William D. Andrews, a tax law professor at Harvard Law School, wrote: Another form of income in kind does not even involve a receipt: it is the imputed income that results from the investment of capital or performance of services for one's own personal or family use.
Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage (up to US$50,000) (and employer-provided meals and lodging in-kind, [22]) 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 ...
Section 162(a) of the Internal Revenue Code (26 U.S.C. § 162(a)), is part of United States taxation law.It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1]
An employee must include in gross income for Federal income tax purposes an amount equal to the cost of group-term life insurance coverage on the employee's life to the extent that the cost of the coverage exceeds the sum of $50,000 plus the amount (if any) paid by the employee to purchase the coverage. [2]
Section 61 of the Internal Revenue Code (IRC 61, 26 U.S.C. § 61) defines "gross income," the starting point for determining which items of income are taxable for federal income tax purposes in the United States. Section 61 states that "[e]xcept as otherwise provided in this subtitle, gross income means all income from whatever source derived