Employee Benefits Lawyer
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Employee benefits (also called fringe benefits, perquisites, or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. These can include, but are not limited to: group insurance (health, dental, life etc.), income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid and non-paid), social security, and other specialized benefits.
The purpose of the benefits are to increase the economic security of employees. Some fringe benefits (for example, accident and health plans, and group-term life insurance) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Fringe benefits are also thought of as the costs of keeping employees other than salary. These benefit rates are typically calculated using fixed percentages that vary depending on the employee’s classification and often change from year to year.
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