How much can my employees save with TransitChek?
Federal law allows employees to set aside up to $230/month before taxes are applied to use for mass transit and vanpool commuting. This can translate into big savings depending upon the amount excluded from taxes and the employees’ tax bracket. Here are examples of savings: TransitChek · If your employees use mass transit to commute to and from work, and set aside $230/month, $2,760/year of their pretax salary for commuting expenses, they can save up to $1,000 or more a year in taxes. Premium TransitChek · Employees can save up to $1,000 or more a year in taxes if they drive and park at work, and set aside the allowable $230 maximum deduction per month for their parking expenses. · Employees can save up to $1,900 or more a year in taxes if they drive, then park their car at or near a rail, bus or ferry station, and then commute using mass transit. This is assuming they set aside $230/month of their pretax salary for transit expenses the allowable $230 maximum deductible for parking exp
Related Questions
- Many states allow officers to be excluded or have a minimum number of employees before I am required to buy Workers’ Compensation Insurance. Do these follow through to Longshore?
- Some employees who are required to travel can deduct $11 per meal, regardless of the amount paid for the meal. Does that apply to me?
- How much can my employees save with TransitChek?
