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S125 Pre-Tax Health Insurance
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S125 Pre-Tax Health InsuranceSection

125 Flexible Benefit Accounts allow employees to set aside a portion of each paycheck into an account before paying income taxes.  During the year, employees are reimbursed from this account for expenses such as healthcare, dental, dependent care, adoptions assistance and commuting fees.  Reimbursements for qualified expenses are tax-free.  It is a smart savings tool that every business should utilize.

Real World Savings

A company with 10 employees, an annual payroll of $300,000, and Social Security taxes of 7.65%, would owe $22,950 in taxes. If enough employees signed up for FSAs to move $24,000 from the taxable payroll, the company would save nearly $2,000 in taxes, possibly paying for the plan itself! Additionally, employees with a salary of $30,000, would, on average, have the equivalent to a 2.5% raise.

Benefits:

Tax savings for both employee and employer by lowering taxable income.
Covers out-of-pocket medical expenses.
Allows you to create a menu of pre-tax options including commuter, medical and dependent care.
Pays for deductibles, co-pays, prescriptions, dental expenses, vision care, etc

 

Contact us today to find out how the Flexible Benefit
Accounts can benefit your company.  

9726 Franklin Ave
Franklin Park, IL 60131
Phone Number: (847) 288-8080