About This Chapter
Taxable & Nontaxable Employee Benefits - Chapter Summary
This chapter offers a fun and engaging look at various taxable and nontaxable employee benefits. Study bite-sized lessons to gain greater insight into non-cash benefits, imputed income, company vehicles and much more. Completing this chapter will enable you to:
- Differentiate between taxable and nontaxable benefits
- Define and share examples of imputed income and realization
- Explain how non-cash benefits are treated by the tax code
- Discuss the tax treatment of group life insurance
- Describe relocation benefits and their tax treatment
- Detail the taxation and benefit calculations of company vehicles
The lessons in this chapter are available around-the-clock and are accessible using a computer, smartphone or tablet. This flexibility enables you to study taxable and nontaxable benefits whenever and wherever your schedule permits. At any time, feel free to check your comprehension of the lessons by taking mini quizzes and a practice exam. Any questions that arise while studying this chapter can be submitted to our subject-matter experts.
1. Taxable & Non-Taxable Benefits: Definition & Examples
Many companies use benefits to attract and retain skilled employees. But benefits can have tax implications. In this lesson, we'll examine the difference between taxable and non-taxable benefits.
2. Imputed Income & Realization: Definition & Examples
In this lesson, learn about imputed income, their types, associated laws, and taxation requirements. Examples will be included to see how this income can apply to the average employee.
3. Non-Cash Benefits: Definition, Tax Code & Examples
Many employers provide benefits to attract and retain employees, as well as to make it easier for employees to do their jobs. In this lesson, we'll look at non-cash benefits and their tax implications.
4. Tax Treatment of Group Life Insurance
In this lesson we will briefly review how the proceeds as well as any premiums or dividends associated with group life insurance policies are taxed by the federal government.
5. Relocation Benefits: Definition & Taxation
In this lesson, we're going to learn a bit about relocation benefits. First, we learn what they are. Then, we go over some examples. Finally, we cover the basics of how they're taxed.
6. Company Vehicles: Taxation & Benefit Calculations
A great benefit that employers can offer employees is the use of a company car. This lesson discusses not only the calculation of the benefits for using a company car but also the benefits to small business owners who use personal cars in their business.
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Other chapters within the Certified Payroll Professional (CPP): Exam Prep & Study Guide course
- Payroll Processes & Laws
- Employee Classification
- Calculating Employee Paychecks
- Payroll Withholding & Deductions
- Employer Benefit & Contribution Plans
- Preparing, Depositing & Reporting Taxes
- Payroll Regulations & Compliance
- Payroll Accounting Overview
- Payroll Audits & Internal Controls
- Managing a Payroll Department
- Certified Payroll Professional (CPP) Flashcards