Benefit

Business, Legal & Accounting Glossary

Definition: Benefit



What is the dictionary definition of Benefit?

Dictionary Definition


  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” may be part of the compensation for employment other than salary or wages, and may include health or disability insurance.
  5. v. to gain something, as “This sale will benefit Ken Murray.

Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/benefit/
Modern Language Association (MLA):
Benefit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. November 25, 2020 https://payrollheaven.com/define/benefit/.
Chicago Manual of Style (CMS):
Benefit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/benefit/ (accessed: November 25, 2020).
American Psychological Association (APA):
Benefit. PayrollHeaven.com. Retrieved November 25, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/benefit/

Definition Sources


Definitions for Benefit are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th April, 2020 | 0 Views.