Section 125
Sample Reports
Below are two sample reports showing you the savings that you can have by participating in the ProPlus125 accounts.
Scenario 1: Employee places $5,000 per year in Dependent Care Account:
| Current (Taxed) |
Proposed (Tax-exempted) | |
| ____________ | ____________ | |
| Gross Compensation | $1233.34 | $1233.34 |
| Less Benefits Tax-exempted | ||
| FSA-Dependent Care Account | $192.31 | |
| ____________ | ____________ | |
| $1233.34 | $1014.03 | |
| Gross Taxable Pay Less Taxes: | ||
| Federal Income Tax | $185.00 | $156.15 |
| State Income Tax | $64.67 | $52.05 |
| Social Security (FICA) | $94.35 | $79.64 |
| FSA-Dependent Care Acct | $192.31 | |
| ____________ | ____________ | |
| Net Pay Check | $700.01 | $753.19 |
| Savings Per Paycheck | $53.18 | |
| Savings Per Year | $1382.68 |
Scenario 2: Employee places $2,000 per year in Unreimbursed Medical Account:
| Current (Taxed) |
Proposed (Tax-exempted) | |
| ____________ | ____________ | |
| Gross Compensation | $2774.83 | $2774.83 |
| Less Benefits Tax-exempted | ||
| Health FSA | $166.67 | |
| ____________ | ____________ | |
| Gross Taxable Pay | $2774.83 | $2608.16 |
| Less Taxes: | ||
| Federal Income Tax | $286.09 | $268.91 |
| State Income Tax | $126.64 | $119.03 |
| Social Security (FICA) | $212.27 | $199.52 |
| FSA-Dependent Care Acct | $166.67 | |
| ____________ | ____________ | |
| Net Pay Check | $1983.19 | $2020.90 |
| Savings Per Paycheck | $37.54 | |
| Savings Per Year | $450.48 |