What is the advantage of participating in the cafeteria plan?
You will save a significant amount of taxes not only federal and state income taxes, but also the 7.65% FICA (Social Security) tax savings. For example, an individual in the 22% federal and state income tax bracket, who elects non-taxable benefits under the plan of $2,000, would receive $593.00 of tax savings per year. Click here to calculate what you can save!
