EMPLOYEE
DIRECTED** | Included in Gross Wages | Included in
Taxable Wages | Social Security & Medicare | Federal Tax Status |
401(k)/403(b)/457 Retirement Plans-Employee Contribution | Yes | No
(maximum deferral is $18,000 plus $6,000 catch-up unless a Roth Plan) | Taxable | Deferred |
FSA-Health Care | Yes | No
(maximum contribution is $2,500) | Exempt | Exempt |
FSA-Dependent Care | Yes | No
(maximum - $5,000 for individuals or married couples) | Exempt | Exempt |
Health Insurance Premiums-
Employee Paid | Yes | No | Exempt | Exempt |
HSA’s | Yes | No
(maximum contribution is $3,550 self-only or $6,650 family) | Exempt | Exempt |
|
EMPLOYER PAID BENEFITS | Included in Gross Wages | Included in
Taxable Wages | Social Security & Medicare | Federal Tax Status |
Adoption Assistance | Yes | No
(up to $5,000) | Taxable | Exempt |
Athletic facilities | No | No | Exempt | Exempt |
Child/Dependent Care Assistance | Yes | No
(up to $5,000) | Exempt | Exempt |
Group-Term Life Insurance | No
(up to cost of $50,000 coverage) | No
(up to cost of $50,000 coverage) | Exempt
(up to cost of $50,000 of coverage) | Exempt
(up to cost of $50,000 of coverage) |
HSA’s - Contribution | Yes | No
(maximum contribution is $3,550 self-only or $6,650 family) | Exempt | Exempt |
Education Assistance | Yes | No
(up to $5,250) | Exempt | Exempt |
Health Insurance Premiums | No | No | Exempt | Exempt |
Retirement Plan Contribution | No | No | Exempt | Deferred |
Transportation | Yes | No
(up to $130 per month for transit passes; up to $250 per month for parking) | Exempt | Exempt |
|
WORKING CONDITION BENEFITS | Included in Gross Wages | Included in
Taxable Wages | Social Security & Medicare | Federal Tax Status |
Annual Company Picnic | No | No | Exempt | Exempt |
Coffee Service | No | No | Exempt | Exempt |
Employer provided
cell-phone | No | No | Exempt | Exempt |
Company Car | Yes
(personal
use only) | Yes
(personal use only) | Taxable(personal
use only) | Taxable(personal
use only) |
Meals | No | No | Exempt | Exempt |
*There may be additional restrictions and reporting options, so be sure to check with your human resources department and tax advisor to see how they may apply to your situation.
**These are items in which wages are redirected to the respective benefit before any taxes are calculated and withheld.The wages redirected are referred to as ‘pre-tax’ dollars. |
