Geregistreerd op: 16 Jul 2018
|Geplaatst: 11-10-2018 06:08:07 Onderwerp: e Fiesta Organising Committe
|What are fringe benefits in terms of accounting?
Fringe benefits means ‘any consideration for employment provided by way of any privilege Derek Rivers Limited Jersey , service, facility or amenity provided by the employer to the employees’. Fringe benefit tax was introduced as part of finance act Duke Dawson Limited Jersey , 2005 as an additional income tax and came into force from April 1, 2005. Fringe benefit tax is to be levied on the employer in respect of fringe benefits provideddeemed to be provided by the employer to his employees during any financial year commencing on or after 1.4.2005. Fringe benefit tax is payable at the rate of 30% of the value of fringe benefits computed in the manner prescribed under the section 115WC.
Importance of fringe benefits
Labor costs are an important item of cost in many decisions. The real cost of labour is significantly higher than the actual amount of wages earned. It includes such items as the employer’s share of social security taxes; insurance Sony Michel Limited Jersey , medical, and pension plans; vacation and holiday pay; and other fringe benefits. It is typical in the country for these benefits to amount to 30 or 40 percent of wage earned. In estimating differential labor costs Isaiah Wynn Limited Jersey , fringe benefits usually should be taken into account.
How are fringe benefits calculated?
Key features of the existing rules surrounding the calculation of fringe benefits tax are listed below:
• FBT returns are filed on a quarterly basis, an income-year basis or an annual basis.
• Where FBT returns are filed quarterly Women's Jordan Matthews Jersey , employees can choose the alternate rate option or the single rate option. If the single rate option is chosen, FBT is paid at 49.25% for all four quarters. Fringe benefit tax at a rate of 49.25% is equivalent to the PAYE that would be paid if an employee on a 33% marginal tax rate was paid sufficient additional cash remuneration to enable them to pay for the value of the fringe benefit out of their tax-paid remuneration.
• If the alternate rate option is chosen Women's Jeremy Hill Jersey , FBT is paid at 43% or 49.25% for the first three quarters. Adjustments are then made in the final quarter, benefits are attributed to employees Women's Cyrus Jones Jersey , and FBT is calculated based on the marginal tax rate of the employee o whom the benefit has been attributed.
• Employers filing FBT returns on an annual or income-year basis will have the option of paying the flat 49.25% rate on fringe benefits or calculating FBT based on attributed benefits and the marginal tax rate of the employee to whom the benefit is attributed.
• If the employer chooses to attribute benefits and pay FBT based on marginal tax rates, selected benefits must be attributed to the individual employees receiving the benefits and taxed at FBT rates reflecting the employee’s marginal tax rates.
Fringe benefit tax payable by an employer is in respect of perquisites or fringe benefits provided or deemed to have been provided by the employer to his employees in addition to the cash salary or wages paid during the year. Like any other direct a Women's Danny Etling Jersey , fringe benefit tax is not allowable expenditure for the purpose of computation of taxable income. An employer has to pay fringe benefit tax even if no income tax is payable on the total income.
LONDON， Aug. 15 (Xinhua) -- Almost 160 hot air balloons from across the world have taken part in Europe's biggest balloon festival which ended in Bristol， Britain on Sunday night with a mass ascent.
Perfect weather conditions saw a dazzling display of balloons in all shapes and sizes take to the skies above the city， with tens of thousands of spectators watching the spectacle.
Improved weather conditions saw a number of mass ascents at this year's Bristol International Balloon Fiesta， the 38th to be organized in the city.
One team travelled from， Thailand， with most heading to the festival from mainland European countries. Organisers said that in all， 267 balloon flights took place during the event， putting on a great show for the thousands of Fiesta visitors in Bristol and the surrounding areas.
The first mass ascent took place on what turned out to be a beautiful Saturday evening， when the balloons took off to a cheering crowd. Flights on the two previous days had to be cancelled because of weather conditions.
The skies were crowded with color again on Sunday morning and evening， ending the event on a high with one balloon traveller proposing to his girlfriend as they climbed aboard a balloon. It certainly left one bride to be with her head in the clouds. Another couple raced to the festival to celebrate their wedding with a balloon flight.
Late night visitors on Thursday and Saturday witnessed the spectacle of the famous nightglows， as 30 teams lit up their balloons in time to music when night fell ahead of a spectacular fireworks display.
Sue Atkinson， chair of the Fiesta Organising Committee， commented: "After some fast winds we had three incredible mass ascents with 267 balloon flights taking off. It was a real family affair."
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