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An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132 (a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax. The qualified ...
The plan provides up to one year of tax-free benefits equal to 55% of the recipient's average gross (pre-tax) income in their highest earning base period quarter. The minimum benefit is $50 per week, and the maximum benefit is updated each year. The "base period" for determining benefits is defined as 12 months divided into four consecutive quarters, excluding the quarter immediately prior - i ...
The employee pays the remaining fraction of the premium, usually with pre-tax/tax-exempt earnings. These percentages have been stable since 1999. Health benefits provided by employers are also tax-favored: Employee contributions can be made on a pre-tax basis if the employer offers the benefits through a section 125 cafeteria plan.
The Additional Medicare Tax is an extra 0.9% tax on top of the standard tax payment for Medicare. The additional tax has been in place since 2013 as a part of the Affordable Care Act and applies ...
Blue Cross Medicare Advantage plans are offered in most states. We explain the costs, coverage, eligibility, and more for these Advantage plans.
WebMD explains health savings accounts (HSA) and flexible spending accounts (FSA) and the tax benefits of each.