Tax Savings Calculator

The Tax Savings Calculator is designed to help you determine how much your Flexible Benefit Plan will save you on your taxes. Please complete the applicable information below, and then click on "Calculate Tax Savings", to view your results.
ANNUAL INCOME

1. Enter your annual salary BEFORE taxes.
    $

2. Enter your spouse's annual salary BEFORE taxes (if filing jointly).
    $

3. Select your tax filing status:
Single
Married, Filing Jointly or Qualifying Widow(er)
Married, Filing Separately
Head of Household

4. Enter your state income tax percentage
    %


ANNUAL BENEFIT CONTRIBUTIONS

1. Enter the annual amount you will spend on your payroll deducted insurance premiums. These are qualified insurance premiums that can be pre-taxed through the Flexible Benefit Plan (i.e. health insurance, dental insurance, and group term life of up to $50,000 coverage).
  $

2. Enter the annual amount you wish to contribute to your Healthcare Flexible Spending Account (FSA). These funds are used for reimbursing your qualified out-of-pocket healthcare expenses. Healthcare reform legislation says that in 2013, the healthcare reimbursement portion of a Flexible Spending Account can only allow a maximum deferral of $2,500 per year or less.
  $

3. Enter the annual amount you wish to contribute to your Dependent Care Flexible Spending Account (FSA). These funds are used for reimbursing your qualified child and/or adult dependent daycare expenses.  The IRS maximum is currently $5,000 if married filing jointly and $2,500 if filing separately.
  $

4. Enter the annual amount you wish to contribute to your Health Savings Account (HSA). These funds are used for reimbursing your qualified out-of-pocket healthcare expenses. The maximum allowable contribution is limited to the lesser of the insurance plan deductible or the IRS maximum.  Indexed annually, for 2012 the maximum amount is $3,100 for an individual or $6,250 for a family.
  $

5. Enter the annual amount you wish to contribute to your Transportation and Parking plan. These funds are used for reimbursing your qualified parking fees and/or mass transit expenses. The maximum allowable contribution is determined by your employer.
  $

   

 

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