Benefits Book 2018

201 8 Benefits Book

CityFlex

Flexible Spending Accounts (FSAs) CityFlex is an FSA, a voluntary tax savings programwhich can help you save yourmoney while saving your health !

There are two kinds of flexible spending accounts: • MedicalAccount: Allows the use of tax-free dollars for uninsuredmedical, dental, and vision expenses (such as co-pays and deductibles), as well as some over-the-counter drugs**. • Dependent CareAccount: Allows the use of tax-free dollars for approved expenses related to childcare such as day care, after school programs, and adult day care.

Gm911 National Night Out: submitted by Sandy Land

How it works:

An Example: Medical Spending Account Savings in Action • Money is deposited into your flexible account on a biweekly basis after a deduction is taken each pay period in equal amounts. • Estimate your yearly expenses wisely! You can only be reimbursed for your qualifying expenses.

Benefit

If you participate

If you don’t

Annual SalaryBeforeTaxes Less: Medical Spending Account Deposit Taxable Income Less: Income Taxes &Social Security

$25,000 -$1,500 $23,500 -$5,170 $18,3 3 0

$25,000

-$0

$25,000 -$5,500 $19,500 -$1,500 $18,000

Take-HomePay Less: Medical Expenses Net PayYouCanSpend

-$0*

$18,3 3 0

TaxSavings

$0

$3 3 0

* You get reimbursed from your Medical Spending Account. ** Effective January 1, 2011, all over the counter drugs require a prescription and debit cards may not be used.

19 / 57

Made with FlippingBook - professional solution for displaying marketing and sales documents online