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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 ?
The full retirement age benefit was originally established to be age 65.
Tax Facts Online can assist in explaining the potentially complicated tax treatment of these Social Security benefits. Tax Facts Online Question 442 explains that Social Security benefits are often--but not always--taxable.
For employees like Johns, flexibility, benefits and a steady income are part of the appeal to remaining in the work force.
The University of Kentucky has also supported the idea of domestic partner benefits and expects to decide on a course of action early next year.
(The traditional private school system is the most prominent example.) As they might not be able to show that public benefit is not immediately obvious given the high level of fees charged, the commission is considering proposals where they would be expected to assess and report on the value of the tangible benefits they bring, alongside the value of the tax breaks they receive.
"When an organization has an at-risk plan in its controlled group, the organization may find more restrictions in funding nonqualified benefits. This could disrupt funding for other nonqualified programs.
By qualifying for the zone benefits, companies have the opportunity to receive sales tax exemptions, real property tax credits, tax reduction credits, wage tax credits and utility savings, among other benefits.
There is also variety in how much of the benefits' costs are passed on to retirees.
1.132-6(e)(2) provides specific examples of benefits that are not excludible as de minimis fringes.
5549, say allowing attorneys to represent veterans would improve access to the VA benefits system and make it faster and easier for claimants to obtain their benefits.
* Department of Labor, Employee Benefits Security Administration,
Are any students, or family members, receiving benefits?