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Tax Savings

Employers and employees receive tax savings because the benefits are paid with pre-tax dollars, up to $130 per month.

Sample Employee Savings

Amount

Annual Transit Deduction

$1,500.00

Federal Income Tax Saves

($420.00)

Employee FICA 7.65% Saved

($114.75)

Alaska State Income Tax

$0.00

Total cost for $1500 in transit

$865.25

Total Savings to Employee

$534.75

Employer Savings

Amount

Initial Order

($1,500.00)

Employee’s Pre-Tax Salary Deduction

$1,500.00

Actual Cost to Employer

$0.00

Employer FICA 7.65% Saved

($114.75)

Employer Unemployment Tax Saved

($12.00)

Net Savings to Employer

$126.75

*Assumes employee pays 28% in federal income tax, no state income tax and 7.65% FICA and sets aside the maximum ($1,500.00 or $125/month) and assumes employer pays 7.65% FICA and 0.8% FUTA tax.