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RESOLUTION NO. 14105 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COMMERCE, CALIFORNIA, PROVIDING FOR FRINGE BENEFITS AND RELATED COMPENSATION FOR EXECUTIVE MANAGEMENT EMPLOYEES OF THE CITY OF
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01
Identify the fringe benefits offered by the employer, such as health insurance, retirement plans, and transportation benefits.
02
Determine the cash value of each fringe benefit provided.
03
Calculate the total value of all fringe benefits received in a given period.
04
Add the total fringe benefits value to the regular salary or wages earned by the employee.
05
Report the total amount of fringe benefits and salary on the appropriate tax forms, such as Form W-2.

Who needs fringe benefits and salary?

01
Employees who want to understand the total compensation package offered by their employer.
02
Employers who need to accurately report the total compensation paid to employees for tax and accounting purposes.
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Fringe benefits are extra benefits provided to employees in addition to their salary, such as health insurance, retirement contributions, and company cars.
Employers are required to report fringe benefits and salary for all employees.
Fringe benefits and salary should be reported on the employee's W-2 form.
The purpose of fringe benefits and salary is to provide employees with additional perks and compensation beyond their regular pay.
Information such as health insurance contributions, retirement plan contributions, and other benefits provided to employees must be reported on fringe benefits and salary.
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