Bookkeeping

Bookkeeping is the process of recording of an economic transaction to the financial books of record for a business.  This site has 100 lessons related to bookkeeping and the various issues related to how it is done.   Learn the basics of entering data to resolving complex issues.

Bookkeeping – Cafeteria Plans (Lesson 92)

Cafeteria Plans

Cafeteria plans, a.k.a. Section 125 plans, are employer sponsored benefit packages that allow employees to choose from a menu of options and allocate their allotted share to the items they pick.  With this type of plan the employer agrees to an allowance per employee to contribute to the package.  The employee may either take the allowance as additional cash income (fully taxed) or allocate the amount among the various benefit options.

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