Use this calculator to see how participating in Flexible Spending Account (FSA) contributions can help you pay less tax, and increase your net take home pay.
A Flexible Spending Account (FSA), sometimes referred to as a "Cafeteria Plan" or "Section 125 Cafeteria Plan", helps you keep more of your paycheck by reducing your Federal and state taxes. It allows you to pay certain expenses before taxes are deducted from your paycheck. These expenses include daycare, insurance premiums and many out-of-pocket medical costs. Use this calculator to see how participating in your employer's FSA can help you pay less tax, and increase your net take home pay. This calculator uses the withholding schedules, rules and rates from IRS Publication 15.
This calculator is for the current tax year. We also offer a 2018 FSA calculator.
Is your bank offering competitive rates which beat inflation and taxes? If not, you may be able to earn a better rate & make your money work harder by shopping around.
The following table lists currently available rates for savings accounts, money market accounts and CDs.
Beginning a new job with a new employer can be exciting, but sometimes receiving the first paycheck can be a shocker when one first sees the difference between salary and "take home pay." Since payroll deductions can take a massive chunk out of one's salary, it is important to understand them and do everything possible to maximize the benefits from them. Some deductions are mandated by law while others are optional for the employee.
The most commonly found deductions that are mandated by law include:
Federal income tax is figured based upon information furnished by the employee on IRS Form W-4. From this form, the employer determines how to figure the employee's tax withholding based upon the