n Parking Reimbursement Account: qAllows you to pay for your daily or monthly parking expenses incurred for your parking at or near your work.
You can elect up to $255.00 per month for 2016 & 2017 to have deducted from your monthly paycheck TAX-FREE.
n Mass Transit Reimbursement Account:
qAllows you to pay for your mass transit expenses related to your commute to work.
You can elect up to $255.00 per month for 2016 & 2017 to have deducted from your pay TAX-FREE for qualified mass transit expenses.
(Note: For Transit accounts, The Commonwealth of MA maximum amount for inclusion is $130 as they did not increase the amount to $255, therefore up to $130 can be set-up pre-taxed for Commonwealth of MA taxes, $255 for Federal taxes)
nYou can reduce your taxable income and avoid paying Social Security and Medicare Tax (7.65%) and Federal Income Tax (15% to 30%) and some State taxes by enrolling in your company sponsored Section 132 Benefits Plan.