BeniComp Group Getting the Full Benefits of your Flexible Spending Account FSA Reimbursement Accounts
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Flexible Spending Account Savings Example
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BeniComp Health Care FSA

Regardless whether you are a single person, dual-income household or a family person with a non-working spouse, a Flexible Spending Account will provide you with additional benefits and more take-home pay.

The amount you contribute to a Flexible Spending Account reduces your taxable income. Lower taxable income means lower Federal, Social Security and, in most cases, state* and city income taxes.

Although the tax advantage of your Account(s) will vary depending on your salary level, tax filing status and contribution amounts, the following examples shows the potential tax savings (Federal and Social Security taxes only) available through the reimbursement account program.

*Pennsylvania taxes contributions to Dependent Care Accounts. New Jersey taxes contributions to both Health Care and Dependent Care Accounts.

 
 
Single Person
Working Couple
Family Person
(non-working spouse)
 
Without FSA
With FSA
Without FSA
With FSA
Without FSA
With FSA
Total Monthly Pay
$2,500
$2,500
$4,100
$4,100
$3,250
$3,250
Less Non-Taxable Benefits
Medical / Dental Expenses
$0
$50
$0
$150
$0
$250
Child Care Expenses
$0
$0
$0
$400
$0
$0
Total Pay Subject to Tax
$2,500
$2,450
$4,100
$3,550
$3,250
$3,000
Less Deductions
Federal & State Taxes*
$700
$686
$1,148
$994
$910
$840
Social Security Tax
$191
$187
$88
$76
$70
$64
After Tax Income
$1,609
$1,577
$2,864
$2,480
$2,270
$2,096
After Tax Expenses
Medical / Dental Expenses
$50
$0
$150
$0
$250
$0
Child Care Expenses
$0
$0
$400
$0
$0
$0
Spendable Income
$1,559
$1,577
$2,314
$2,480
$2,020
$2,096
Annual Increase in Take Home Pay
$216
$1,992
$912