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1) n. any profit or acquired right or privilege, primarily through a contract. 2) in worker's compensation the term "benefit" is the insurance payment resulting from a fatal accident on the job, while "compensation" is for injury without death. 3) in income taxation, anything that brings economic gain. 4) "fringe benefits" are rights from employment other than salary or wages, including health or disability insurance. 5) v. to gain a benefit. (See: contract)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

BENEFIT. This word is used in the same sense as gain (q. v.) and profits. (q. v.) 20 Toull. n. 199.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Or perhaps more of your retirement benefit could be subject to taxes.
For a taxpayer who has yet to begin collecting benefits, file and suspend is very simple.
For employees like Johns, flexibility, benefits and a steady income are part of the appeal to remaining in the work force.
* consult widely with the charity sector and the public about the public benefit test;
Maximizing Empire Zone benefits requires in-depth knowledge of the details of the program and the application process, in addition to an understanding of the tax implications.
Another factor that can vary widely is how long it takes for these benefits to vest.
At first blush, the rules concerning fringe benefits seem straightforward.
The VA benefits delivery system was designed to be open, informal and helpful to veterans.
"Ever more rigorous audit expectations may make a complex and confusing set of rules even more so, but they will enhance the usefulness of CPAs who audit employee benefit plans."
While African Americans depend on Social Security disability benefits more than whites, when it comes to the retirement portion, it's more an issue of income than of race, says Matt Moore, a senior analyst with the National Center for Policy Analysis.
Binstock, PhD, professor of Aging, Health, and Society at Case Western Reserve University, offered several explanations for why the elderly did not react angrily at the polls to an obvious assault on the concept of universal benefits: