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There are real tax savings for the employer and the employee
How do both the Employer and Employee benefit?
- The employer will save 7.5% for FICA on each employee pre-tax deduction.
- The more the employees spend on benefits that are pre-tax, the more the company will save on FICA Tax at the end of the year.
- Employee will save on taxes from most benefits that are deducted on a pre-tax basis from their paycheck.
- The savings usually run around 20% Tax bracket of the total cost of most benefits for a middle class employee.
Did you know?
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