Employee Benefits - Tax Reduction on Dependent Care (Advantage Account)
The Flexible Spending Accounts (FSA’s) program offers you valuable tax savings by giving you two FSA’s to use when paying dependent day care expenses and health care expenses not covered by insurance — all with “before-tax” dollars. Flexible Spending Accounts let you have a portion of your pay deducted for these expenses before federal and state income and Social Security taxes are withheld. As a result, you reduce the amount of money you spend each year for health care and dependent day care and, in effect, increase your take-home pay. It’s a tax efficient way to pay your health and dependent day care expenses! For more information read the plan summary