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benefits in kind

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benefits system

Overview page. Subjects: Economics.

The system of provision in cash and in kind of sufficient income and services to maintain minimum standards of welfare among a country's residents. This system has to support those unable...

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cafeteria plan

Overview page. Subjects: Accounting.

In the USA, an agreement that permits employees to select a fringe benefit from a variety of such benefits (including cash); under the tax code, the benefit is not included in the gross...

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close company

Overview page. Subjects: Financial Institutions and Services.

A company with very few members. In the UK a close company is one with five or fewer participants or directors, or one where five or fewer participants or directors would be entitled to...

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directors or higher-paid employees

Overview page. Subjects: Accounting.

Under UK tax law, a higher-paid employee is defined as one earning more than £8500 per annum. This amount, which has remained unaltered since it was set in 1979, includes remuneration...

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employment income

Overview page. Subjects: Law.

As may be expected from a taxing statute, the Income Tax (Earnings and Pensions) Act 2003 gives a very wide definition of the “employment income” that is subject to tax under that statute....

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fringe benefits

Overview page. Subjects: Economics.

Benefits, other than pay, bonuses, and pensions, provided for employees by their employers. Such benefits may include company cars, sports facilities, free or subsidized catering...

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income tax code

Overview page. Subjects: Accounting.

A code number issued by HM Revenue and Customs that takes account of the personal allowance available to the taxpayer together with any other additional allowances to which he or she is...

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perks

Overview page. Subjects: Economics — Politics.

An informal word for perquisites, the benefits arising as a result of employment, in addition to regular renumeration. Perks are privileges that are expected mainly by senior employees...

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social safety net

Overview page. Subjects: Public Health and Epidemiology — Economics.

A system of available payments in cash or in kind which will keep people's incomes from falling below some socially accepted minimum level. This needs to cover old age, sickness and...

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targeting

Overview page. Subjects: Economics.

Making benefits available to a particular group of people who are identified by certain characteristics. For example, child benefit in the UK is paid to all mothers with children aged under...

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