TAXABLE BENEFITS Definition

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TAXABLE BENEFITS are employer provided "non-cash" taxable compensation or fringe benefits, such as employer-provided vehicles, complementary tickets, and graduate level educational assistance, are subject to federal income, state income, social security, and Medicare tax rules. According to Internal Revenue Code Section 1.61-1, all compensation paid to, or on behalf of, an employee constitutes wages subject to income and employment tax withholding, unless specifically excluded by IRS code.

Learn new Accounting Terms

COST REDUCTION is actions taken in the present designed to decrease costs in the present. See COST AVOIDANCE.

ACCOUNTS RECEIVABLE is a current asset representing money due for services performed or merchandise sold on credit.

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