What is a Flex 125 plan?
A Section 125 Flexible Benefit Plan allows you to select from a menu of benefits, choosing those benefits that meet your specific needs. Salary reduction means that you are able to use “pretax” dollars to pay for certain benefits that you may have previously paid for with “after-tax” dollars.
What is a qualified Section 125 plan?
A cafeteria plan, also known as a section 125 plan, is a written plan that offers employees a choice between receiving their compensation in cash or as part of an employee benefit. Employer contributions toward an employee’s cafeteria-plan benefits are not taxed.
Is Aflac a Section 125 cafeteria plan?
Let Aflac help make tax savings easy for you and give your employees the savings they deserve through Section 125 Cafeteria Plans. Aflac helps companies administer premium-only plans and Flexible Spending Accounts (FSAs) provided by WageWorks®, a preferred partner of Aflac.
What are the benefits of Section 125 Flexible Spending Accounts?
Flexible Spending Accounts (FSA) The Section 125 plan also lets you redirect a portion of your pay, through the convenience of payroll deduction, to create a spending account for healthcare and/or dependent care expenses. The money that goes into your spending account(s) is deducted on a pre-tax basis.
What can you do with a section 125 deduction?
The Section 125 plan also lets you redirect a portion of your pay, through the convenience of payroll deduction, to create a spending account for healthcare and/or dependent care expenses. The money that goes into your spending account (s) is deducted on a pre-tax basis.
What does a Flexible Spending Account ( FSA ) do?
Flexible Spending Account. Flexible Spending Accounts (FSA) The Section 125 plan also lets you redirect a portion of your pay, through the convenience of payroll deduction, to create a spending account for healthcare and/or dependent care expenses. The money that goes into your spending account(s) is deducted on a pre-tax basis.
What is a select Paychex Flexible Spending Account?
select Paychex Benefit Account under My Applications. What Is an FSA? A Flexible Spending Account (FSA) is a pretax benefit that enables eligible employees to set aside a specific pretax dollar amount for unreimbursed medical, dental, vision, orthodontia, and dependent care expenses.
