Benefits given to employees that are in addition to wages and salaries. Examples include health, dental, life, vision, and disability insurances, employer’s portion of social security and Medicare tax, paid absences (sick days, holidays, vacation days), pension or retirement contributions, unemployment tax, worker compensation insurance, profit sharing, and other benefits. These benefits often are equal to 50% of the wages and salaries.
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For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.
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