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Tax Advantage Programs
Flexible Spending Accounts (FSAs)
– can make paying premiums, out-of-pocket medical/dental
expenses, childcare, and elder care less costly. Employees can
choose to have a predetermined amount
of money deducted from each paycheck – before taxes. After
the employee incurs an expense, the receipt is submitted for reimbursement.
The result is employees pay their out-of-pocket expenses with
money that is not subject to taxation.- 401(k) Programs – allow
your employees to save for retirement on a pre-tax basis through
the convenience of payroll deductions. An employer also can choose
to offer this program with or without employer contributions.
Companies with as few as two employees can provide a 401(k) savings
program. A 401(k) program is 100 percent employee owned for all
of the employee contributions. Even the employer contributions
become 100 percent employee owned once the employee becomes fully
vested.
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