Providing employee benefits is a great way for organizations to recognize and retain their staff. This course examines the various ideas, methods, and techniques capable of optimizing the overall compensation packages of key employees and principals in small- to medium-sized businesses. Qualified and nonqualified deferred compensation, benefit targeting, insurance programs, statutory fringe benefits, interest-free loans, and investment planning are investigated. Consideration is given to indirect compensation in the form of business entertainment, expense accounts, auto use, travel, and transportation, and the new field of professional services is probed to provide tax, financial, and estate planning to the key executive.
Upon successful completion of this course, participants will be able to:
- Identify four types of income, from a financial and tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.
- Identify how to structure compensation to maximize the net dollar return.
- Distinguish qualified deferred compensation plans from nonqualified deferred compensation plans.
- Differentiate defined contribution plans from defined benefit plans.
- Identify how to apply the directly related test and the associated test to ensure that entertainment expenses can be deducted.
- Name the four types of insurance that a company can provide its employees.
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