GIVE YOURSELF A TAKE HOME PAY RAISE!
Did you know that you can increase your take home pay by participating in the Staff Management, Inc. Flexible Spending Account? It's true! A Flexible Spending Account (FSA) is an employer-sponsored benefit that allows you to pay for certain medical expenses not covered by your medical plan with pre-tax income. Examples of such expenses include:
* co-pays of all kinds
* medical deductible expenses
* vision services and contacts/eyeglasses
* dental and orthodontics
The plan also allows you to pay for qualified dependent care expenses and individual health care premiums on a pre-tax basis. Here's how the take home pay raise works:
| Your Annual Income | ||
| Contribution To FSA | ||
| Taxes And FICA Deduction (Total Estimated At 25%) | ||
| After Tax Income | ||
| Increase In Take Home Income With FSA | ||
YOUR SAVINGS COULD BE EVEN MORE!
The link below provides you with a calculator to assist you in estimating your potential tax savings. However, before you use the calculator please take some time to estimate your annual medical out-of-pocket expense.
1. Estimated number of annual visits to physician ________ 2. Multiplied by physician co-payment amount $ ________ (times line 1) 3. Equals annual co-payment expense $ ________ 4. Estimate number of prescriptions / refills ________ 5. Multiplied by prescription co-payment amount $ ________ (times line 4) 6. Equals annual prescription co-payment amount $ ________ 7. Estimated deductible not covered by insurance $ ________ 8. Estimated vision and eyeglass/contacts expense $ ________ 9. Estimated dental expense not covered by insurance $ ________ 10. Total lines 3-6-7-9 $ ________(This is your estimated out of pocket medical expense)
Don't forget that you may also pay for qualified dependent care and individual medical premiums through our flexible savings plan. Even more savings for you!
Now, visit http://www.eflexgroup.com/Tools/EETaxSavingsCalc.htm and use the eflex calculator to estimate your take home pay raise!
For a complete presentation on the benefits of using a flexible spending plan, visit http://www.eflexgroup.com/EE/EEPresentation_files/frame.htm.
Need help? Please e-mail our benefits coordinator at rkjank@staffmgmt.com, or call your human resource representative.