My company is only paying me my hourly rate which is less than the federal wage. I brought this up and they said that I have a company vehicle. Does having a company vehicle mean I dont get the federal wage? I think my company is getting over on me, I need to figure out what these fringes are?
2007-08-24 17:48:38 · 6 answers · asked by goneloop 1 in Business & Finance ➔ Taxes ➔ United States
Not minimum wage. I install low voltage wiring and I am the lead tech on the job. I make an hourly rate of 20 an hour, however the federal wage at my level is 22.05 with fringes @ 7.93. I have a list of the wages for this job but I dont understand the fringes, should I receive this also? Yes I do get to bring my truck home.
2007-08-25 14:57:44 · update #1
Fringe benefits received in connection with the performance of your services are included in your income and are subject to employment taxes (social security and medicare).
Your employer reports your taxable fringe benefits in box 1 (Wages, tips, other compensation) of Form W-2. The total value of your fringe benefits also may be noted in box 14. The value of your fringe benefits may be added to your other compensation on one Form W-2, or you may receive a separate Form W-2 showing just the value of your fringe benefits in box 1 with a notation in box 14.
2007-08-24 22:00:27 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
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2016-07-23 17:39:49 · answer #2 · answered by Hilda 3 · 0⤊ 0⤋
Are you talking about the Federal Minimum Wage?
Information is available on the internet about minimum wages, but there are loopholes that allow certain kinds of businesses to pay less.
Having use of a company vehicle for personal use outside of work, after business hours, can be considered as part of your compensation (and you may have to pay taxes on it). If that's the case, you're getting the economic benefit of use of the vehicle, without paying for it. The cheapest bank car loan payments are around $200/month (they generally don't finance anything cheaper).
Are you allowed to take it home?
At any rate, I strongly suggest you learn what you can from this job, and look for another, better one.
2007-08-24 18:03:53 · answer #3 · answered by Beaugrand 3 · 0⤊ 0⤋
If you are talking about federal minimum wage, then it would probably affect you. If you are talking about what a person employed in that job would actually make for wages for that pay grade, then the company car could likely be included in that.
Fringes means benefits like vacation, sick days, holdays, insurance......
Your company is obliged to pay you at least the federal minimum wage, or if the minimum wage in your state is higher, they have to pay that. They are not obliged to give you benefits unless you and they have signed a contract stating that they will. If you are not happy with your pay but it is at least the minimum wage, then you are free to get a job elsewhere.
2007-08-25 03:50:39 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Do you mean minimum wage, you don't make minimum wage per hour? (@ $5.75) Fringes could be health insurance, stock options, yes a company car if you are allowed to use it for personal use. If they pay for some meals.
2007-08-25 03:47:08 · answer #5 · answered by Chris 3 · 0⤊ 0⤋
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2016-07-10 13:02:58 · answer #6 · answered by ? 3 · 0⤊ 0⤋