Final answer:
Qualifying fringe benefits are additional benefits provided by employers to their employees beyond the basic salary or wages. They can include employee insurance, retirement plans, employer payments to Social Security, unemployment and worker's compensation insurance, other benefits like Medicare, and the total compensation per hour.
Step-by-step explanation:
Qualifying fringe benefits are additional benefits provided by employers to their employees beyond the basic salary or wages. These benefits can include:
- Employee insurance: This primarily includes health insurance coverage provided by employers to their employees.
- Retirement plans: Employers may offer retirement plans such as 401(k) or pension plans to help employees save for their future.
- Employer payments to Social Security: Employers contribute a portion of their employees' earnings to Social Security.
- Unemployment and worker's compensation insurance: Employers are required by law to provide insurance coverage for workers in case of unemployment or work-related injuries.
- Other benefits (Medicare): Employers may provide additional benefits such as Medicare to their employees.
- Total compensation per hour: This refers to the overall value of all the benefits an employee receives in addition to their hourly wage or salary.