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The amount your employer reports is known as your reportable fringe benefits amount (RFBA). Your RFBA is grossed-up to reflect the pre-tax income you would have had to earn, at the highest marginal tax rate (plus the Medicare levy), to buy the benefits yourself. You arent taxed on your RFBA.
What is a contractor fringe benefit statement?
The fringe benefit statement (FBS) captures all payments made directly to a fund, plan, or program, such as health benefits, a trust fund or to a fund authorized by the employee, for example, a 401k plan.
How to fill out a fringe benefit statement template?
The information that must be reported on a fringe benefit statement form includes the name and address of the employer, the employees name, Social Security number, and address, the type of benefit provided, the amount of the benefit, the period of time it was provided, any applicable taxes, and any other applicable
How do I document fringe benefits?
If the recipient of a taxable fringe benefit is your employee, the benefit is generally subject to employment taxes and must be reported on Form W-2, Wage and Tax Statement. However, you can use special rules to withhold, deposit, and report the employment taxes.
Are contractors eligible for fringe benefits?
Although not employees for most employment tax purposes, independent contractors are treated as employees for this purpose and are, therefore, eligible to receive nontaxable reimbursements as working condition fringe benefits. Taxable fringe benefits for independent contractors are generally reported on Form 1099-MISC.
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