Plan Options: Transportation Flexible Spending Account and Lifestyle Spending Account
These accounts are designed to help employees set aside money each payday to help pay for their costs of commuting to work and some qualified lifestyle activities, including gym memberships.
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Dependent Care Account |
This account allows you to make pre-tax deductions from payroll and then use those pre-tax funds to pay for eligible expenses. The plan administrator, Paylocity, will help you manage your accounts and claims processing.
TRANSPORTATION FLEXIBLE SPENDING ACCOUNT
What would I use this account for?
Qualified transit passes, commuter highway vehicle, and qualified parking expenses.
Who is eligible for this account?
All full-time employees
What is the maximum amount that I can put in this account?
$300 per month, or $3,780 annually.
What does the company contribute?
Up to $500 per year, accrued with each pay period. Employees must have enrolled in the TFSA and have made a contribution of $1.00 or more a month to receive TaxBit's contribution.
When are the funds available?
Your contribution amount is available as it comes out of your paycheck each pay period.
What happens if I don’t use the money during the year?
Any unused funds at the end of the plan year carryover to the next plan year.
Any amount that has been carried over will not count towards the next year's contribution limits.
Any amount that has been carried over will not count towards the next year's contribution limits.
This account allows you to make pre-tax deductions from payroll and then use those pre-tax funds to pay for eligible expenses. The plan administrator, Paylocity, will help you manage your accounts and claims processing.
LIFESTYLE SPENDING ACCOUNT
What would I use this account for?
Qualified expenses: gym memberships (including fitness apps), fitness classes and outdoor passes (ski passes, national park entry fees, etc.).
Who is eligible for this account?
All full-time employees
What is the maximum amount that I can put in this account?
Not Applicable
What does the company contribute?
$125 per quarter, up to $500 per year.
When are the funds available?
Your allowance amount is available at the beginning of each quarter.
What happens if I don’t use the money during the year?
Any unused allowance will be forfeitted at the end of the year.
