Qualified flexible benefit programs allow employees to pay for certain eligible benefits with pre-tax dollars. This means that contributions are made before any (okay, almost any...to that in a moment) income and payroll taxes are calculated and deducted. On the federal level this translates into no FICA, Medicare, Federal Unemployment, or income tax. The FICA and Medicare savings apply both to the employee and the employer.

Payments by employers to Section 125 Plans, sometimes referred to as cafeteria plans, flexible benefit plans or mini-flex plans, which provide the opportunity for employees to elect to reduce their taxable compensation to pay for non-taxable benefits such as hospitalization, group term life insurance, group disability insurance, etc.

Section 125 first appeared in the tax code in 1978; however, many employers did not take advantage of it until 1986, which is when the tax laws for deducting personal medical expenses changed. With eflexgroup.com flex, all qualified medical deductions and dependent care expenses can be reimbursed with tax-free dollars.

In order for a plan to qualify, employers must follow certain rules. Employees must be given a choice between at least one eligible nontaxable benefit and one eligible taxable one. The employer must provide plan documents and a summary of the plan in writing. The plan may only benefit employees and their dependents (disqualifying sole proprietors, partners and Subchapter S shareholders who are not technically employees of the company).

Participant elections for medical expense and dependent care reimbursement accounts must be made before the beginning of each plan year, or for newly-hired or newly-eligible employees, before their period of coverage begins. Once the plan year (or period of coverage) begins the benefit election cannot be cancelled or changed unless the participant experiences a valid Change In Status event.

Yes. You do not have to wait for open enrollment to make changes to your 403(b). To make changes, you have to submit a completed Salary Reduction Agreement Form [SRA].

Medical expenses that are not reimbursed by your medical insurance such as co-pays, deductibles and coinsurance. Also, if your medical plan does not cover vision exams or hardware, chiropractic care, or similar treatments, these may be eligible for reimbursement under the Section 125 plan.

Actually, there’s much more. Each one of these drugs must pass through Phase II and Phase III clinical trials, and each time they do, it’s a huge milestone for the drug — and a boon for the company. And each time one of these milestones is reached, word has a way of "leaking" out before the official announcement. That’s when the mysterious volume spikes occur. And that’s when our opportunity to profit comes.

Yes, you can make contributions to both a designated Roth account and a traditional, pre-tax account in the same year in any proportion you choose. However, the combined amount contributed in any one year is limited by the 402(g) limit - $15,000 for 2006 ($15,500 in 2007 plus an additional $5,000 in catch-up contributions if age 50 or older).

If your employer provides a salary reduction plan (also called a "Section 125" or "cafeteria" plan), you can make contributions to your HSA on a pre-tax basis. Once you claim this tax advantage, you can no longer take the "above-the-line" deduction.

Most employers report pre-taxed contributions, which are tax-deferred. Your Annual Statement will indicate the amount of your pre-taxed contributions as well any amount of post-taxed contributions. Post-taxed contributions have already been taxed.

C.T. is short for center tapped. The center of the winding has been brought out of the transformer via a wire lead or termination.

Once an employer has established a Section 125, the employee must fill out an enrollment form known as a Salary Redirection Agreement in order to participate in the plan. This agreement states the employee understands that he or she is authorizing the employer to deduct money on a pre-tax basis, and that the employee is paying a little less toward Social Security as a result.

Qualified flexible benefit programs allow employees to pay for certain benefits on a pre-tax basis. This means that contributions are made before income and payroll taxes are calculated (FICA, Medicare, Federal Unemployment or Federal income). The FICA and Medicare savings apply to both the employee and the employer.

Your contributions are made with after-tax dollars, as you are not permitted to claim an income tax deduction for your contributions. This means that any portion of future withdrawals that represent your contributions will come out tax-free even if the earnings portion is taxable.

Social Security payroll taxes are collected under authority of the Federal Insurance Contributions Act (FICA). The payroll taxes are sometimes even called "FICA taxes." In the original 1935 law the benefit provisions were in Title II of the Act and the taxing provisions were in a separate title, Title VIII. As part of the 1939 Amendments, the Title VIII taxing provisions were taken out of the Social Security Act and placed in the Internal Revenue Code.

Section 504 is a sub-section of the Rehabilitation Act of 1973 and part of the Americans with Disabilities Act. It is an unfunded law that simply states that "a person cannot be discriminated against for a disability that substantially affects a major life activity, such as walking, seeing, hearing, speaking, breathing, learning, working, caring for oneself, and performing manual tasks." This law addresses accommodations and modifications, not remediation.