The FSA (Flexible Spending Account) Plan is the fastest-growing benefit enhancement today. EinsteinHR is expert in establishing and administering these plans, which are IRS Section 125 Cafeteria Plans. They allow employees the option of pre-tax payroll deduction for some insurance premiums, unreimbursed medical expenses and child/dependent care expenses.
Employers save when employees elect for pre-tax payroll deduction because lower adjusted gross income also reduces matching FICA and Federal Unemployment Tax.
Employees benefit because expenses for health insurance premiums, unreimbursed medical, vision, dental and child/dependent care expenses and more paid before tax results in immediate savings in Social Security tax, Federal Income tax and State and Local tax (in most states).
EinsteinHR offers nationwide IRS flexible spending accounts (FSA), get a quote.
For more information on EinsteinHR’s IRS flexible spending accounts (FSA), contact an EinsteinHR IRS flexible spending accounts specialist at 770-962-1700.