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No. Here is a list of some items that are fringe benefits: Examples of taxable fringe benefits include: Bonuses. The value of the personal use of an employer-provided vehicle. Group-term life insurance in excess of $50,000. Vacation expenses. Frequent-flyer miles earned during business use, converted to cash. Amounts paid to employees for relocation in excess of actual expenses.\ You can exclude the S corp taxable health insurance premium specifically, and assuming all who have such income are HCEs and no NHCEs are involved, it will meet the 414(s) definition without any testing.