Apr 25, · What is Bitcoin? Bitcoin, is the world’s first decentralized digital person-to-person cryptocurrency and is considered to be a revolution In present currency/financial feuerwehr-matzenbach.den was started in by a mysterious programmer under the pseudonym “Satoshi Nakomoto”.This digital currency is gaining huge popularity worldwide and mass adoption. Benefits of Investing in Bitcoin & How to Invest in Bitcoins. Is bitcoin a property fringe benefit? ‘Property fringe benefit’ is defined in subsection (1) and means ‘a fringe benefit that is a property benefit’. The term ‘fringe benefit’ is relevantly defined in subsection (1) to mean: a benefit provided to the employee by .
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While employers are a good first resource for education on fringe benefits, it's up to you, the employee, to learn all you can about fringe benefits, and how to optimize the career "swag bag" experience. Fringe benefits are an "add-on" form of employee compensation that employees can offer career professionals in addition to just a wage or salary. Recently, companies have also started to offer student loan payoff assistance and free digital devices think smartphones and tablet computers to staffers.
Also, since telecommuting has become a burgeoning workplace option, companies are also offering to help workers pay for cable connections and smartphone bills. Maternity leave and paternity support are also examples of fringe benefits that weren't around 10 years ago, but are today.
Once you add all of the above fringe benefits together, you have what human resources managers refer to as "total compensation, which is accumulated as follows:. Structurally, employers will provide an employee benefits statement that lists all the fringe benefits given, and present it to the employee, both for organizational and tax reasons. That list is generated annually, and includes regular income i. It also lists partial payments the employer makes make on benefits like health and life insurance.
The employee benefits list is also considered by employers as a morale boost and statement of loyalty to valued employees. Certainly, many career professionals who receive large fringe benefit packages from their employers feel that way. Employers also hope that good "word of mouth" kicks in, and that their employees will tell talented workers at other companies about their company's generosity in prioritizing fringe benefits, leading to stronger hires, higher employee performance, and more robust company revenues.
Employers load up on fringe benefits because they have to - it's simply the cost of doing business and remaining competitive in their industry. Talented career professionals have all kinds of employment landing spots, especially since the economy has been on the upswing. To attract that talent, companies have to offer lucrative employment compensation package that includes an ample salary and most - or all - of the fringe benefits listed above.
If they don't, their competitors will, and could load their own firms up with talented, game-changing engineers, accountants, or sales professionals among many other vocations who can significantly and positively impact on the hiring company's bottom line. Studies show that career professionals place a great value on employee compensation that goes beyond salary and wages. Plenty of valued employees have moved on from a company if they don't seem the fringe benefits sufficient, and go to a company where ample employee compensation is a big priority.
Besides earning more financial benefits which is always appealing to workers , why are fringe benefits so important to career professionals? Here's a snapshot:. Study after study shows that the more employee benefits a career professional receives, the happier and better they are on the job. Access to good health insurance coverage and wellness programs like that gym membership will have you feeling better and doing the types of things like working out and visiting your doctor regularly that will lead to a longer life expectancy.
Getting fringe benefits like job training and educational assistance will give new skills that can be put to work in your own vocation, and can lead to promotions, higher salaries, and better-paying posts down the road. If you're fortunate enough to be given a company car, you'll not only save thousands of dollars on auto payments every year, you'll save big on vehicle insurance and maintenance, too. Companies that provide free meals or meal discounts are a boon to career professionals who love to eat well and save money.
The more free meals you consume in the workplace, the less you're paying for breakfast, lunch or even dinner away from the job. The Internal Revenue Service largely considers fringe benefits to be part of a taxpayer's gross revenues from their employers. That means, according to IRS rules, fringe benefits are subject to income tax withholding and employment taxes.
To both employees and employers, the IRS does offer an annual Taxable Fringe Benefit Guide to steer staffers and managers in the right direction on possible fringe benefit tax liabilities. Fringe benefits are largely tax-exempt to employers, thus giving companies more incentive to provide them to employees.
While using the fair market value assessment model is the standard used in valuing fringe benefits, it's not the only way. You can ascertain the fair market value of fringe benefits by figuring out how much the employee would have had to pay for all of their total benefits, if their employer hadn't provided them.
Such a calculation must include any compensation paid toward the benefit by the employer. To calculate the market value of a company vehicle, just calculate how much a staffer would have to pay to rent, lease or buy the vehicle in question.
The resulting figure to get the car or SUV's value, which should be included in the staffer's salary or wages. Again, the resulting figure should be included by the employer in the employee's wages and salary. No doubt, employers and employees likely view fringe benefits as a "win-win" proposition. Since bitcoins can be converted into a number of different fiat currencies, companies offer users a seamless method of converting your bitcoins into fiat money, and vice versa.
Bitcoins enable you to make transactions to merchants for goods purchases, which makes it an enticing opportunity to those who believe Bitcoin has a bright future.
Initially, users were introduced to bitcoins as a digital currency to carry out routine financial transactions with minimal charges, when compared to other forms of online payment sources. However, since then, it has emerged that there is a vast array of other uses for bitcoins that users have come to learn as the market began maturing.
Bitcoin utilizes blockchain technology to facilitate digital transactions, where all transactions are recorded and held for the verification purposes to process them further based on their validity.
All transactions are public ledger and viewable online through the Blockchain website. Other activities that can be done through the bitcoins include digital trading of securities; for land titles and other property; for insurance claims; as a payment rail for remittances; for settlement between financial institutions; for document stamping and auditing, for customer rewards and crowdfunding, and much more.
Each of these Bitcoin uses is still in the early stages of development, and so they might take time to become mainstream. However, the success in even one of these transactions may be significant enough to induce a big revolution in the industry and will rapidly increase in value. So, it is worth investing in BTC, and it will give you good returns in the long run along with the starting benefits of having smooth digital financial transactions at a low price.
The potential gain in BTC is more than the potential loss; and this is because several crypto-analysts have speculated that bitcoin could become a global currency in the future though it is very hypothetical. If this becomes reality, then it will stimulate international trade all around the world. However, this will only happen if bitcoin was recognized as legal tender for both international and domestic trade.