FSA tax savings
Here's an example of the tax savings an employee can experience with a PriorityFSA:
| |
Without FSA |
With FSA |
| Annual earnings |
$30,000 |
$30,000 |
| Health care account |
$0 |
$300 |
| Dependent care account |
$0 |
$3,000 |
| Taxable earnings |
$30,000 |
$26,700 |
Federal, state and other taxes
|
$8,595 |
$7,650 |
| After-tax health care payments |
$300 |
$0 |
| After-tax dependent care payments |
$3,000 |
$0 |
| Annual take-home pay |
$18,105 |
$19,050 |
| TOTAL SAVINGS1 |
|
$945 |
1Employees are
encouraged to talk to an accountant or tax advisor on flexible spending accounts. Their total tax savings will be based on their unique circumstances
and needs.
