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Tax Implications
Tax Savings Chart
Covered Expenses-Medical FSA
Covered Expenses- Dependent Care FSA
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Reimbursement Claim Form
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REIMBURSEMENT ACCOUNT TAX SAVINGS ILLUSTRATIONS*
Example 1:
Annual Household Income: $24,700.00 Tax-Filing Status: Single
Withholding
Allowances: 1
|
Without
Flex |
With
Flex |
| Weekly
Earnings |
$475.00 |
$475.00 |
| Medical
Contribution |
$0.00 |
$10.00 |
| Taxable
Wages |
$475.00 |
$465.00 |
| Taxes
& Withholding |
$114.52 |
$111.39 |
| Net
Take Home |
$360.48 |
$353.61 |
| Out-of-Pocket
Medical Expenses |
$10.00 |
$0.00 |
| Spendable
Income is |
$350.48 |
$353.61 |
| Weekly
Savings |
|
$3.13 |
| Annual
Extra Spendable Income |
$3.13
X 52 Weeks = |
$162.76 |
Example 2:
Annual Household Income: $45,000.00
Tax-Filing Status: Joint Withholding Allowances: 3
|
Without
Flex |
With
Flex |
| Weekly
Earnings |
$865.38 |
$865.38 |
| Medical
Contributions
Dependent Contributions |
$0.00
$0.00 |
$25.00
$96.15 |
| Taxable
Wages |
$865.38 |
$744.23 |
| Taxes
& Withholding |
$184.48 |
$148.56 |
| Net
Take Home |
$680.90 |
$595.67 |
| Out-of-Pocket
Medical &
Dependent Care Expenses |
121.15 |
|
| Spendable
Income is |
559.75 |
$595.67 |
| Weekly
Savings |
|
$35.92 |
| Annual
Extra Spendable Income |
$35.92
X 52 Weeks = |
$1,867.84 |
* These are examples only. Please
consult your tax advisor to estimate your own tax savings.
Many households with earnings of $40,000 or more
find the Dependent Care Assistance Account more advantageous than the tax
credit. GDI urges you to consult with your tax advisor.
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