As Dane county continues to transition into our new normal, The BenefitWorks wants you to be aware of a win-win situation you can create:
As a Dane county employer you can offer your employees a FREE dependent care Flexible Spending Account. This is being offered by TASC to help support working families.
It means you can provide another benefit to your employees at NO COST to you. In reality it will lower your tax liability if employees are using it! For every $5,000 in employee elections, you will save almost $400 on FICA.
Offering this benefit is going to be viewed positively by working parents and guardians: A dependent care Flexible Spending Account allows employees to take pre-tax dollars from their paycheck and set it aside into this account to use for qualifying dependent care expenses. This helps employees increase their take home pay! Examples of qualifying dependent care expenses include daycare, before or after-school programs, summer day camp, babysitting, and more. Parents/guardians need to be working, looking for work, or going to school full-time in order to be eligible for this benefit. The maximum that can be put into this account in a plan year is $5,000. If the funds aren’t used up by the end of the plan year they are forfeited.
See the attached for more information on how this plan works:
- Child & Dependent Care Eligible Expenses
- SAVE MONEY on Child Care Costs
- Supporting Working Families is Good for Business
If you want to consider adding this free benefit, simply get in touch with The BenefitWorks!
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Learn how a Dependent Care FSA can start saving you money!
Did you Know? Parents with children in full-time child care are spending on average $15,000 per year for infant care, $11,000 for toddler care and $4,400 for after school care?