Wednesday, November 18, 2009

How can the DepCare FSA save you money?

It does so by allowing you to pay for eligible dependent care expenses on a pretax, salary reduction basis. Dependents can be either children or adults.

Your savings are strictly on taxes. DepCare FSA contributions are deducted from your paycheck on a pretax (tax-free) basis—before federal, state, and Social Security (FICA) taxes are taken out. For example, if you earn $3,000 a month and contribute $200 to your DepCare FSA, you pay taxes on $2,800 a month.

Calculate your savings and increased take-home pay with the DepCare Calculator.

Open Enrollment is the period to enroll or re-enroll in an FSA.

To learn more, visit CONEXIS’ pre-enrollment website, read the FAQs and the DepCare SPD or speak to a CONEXIS representative at UC’s Open Enrollment Support line at 1-800-482-4120 (M-F) between 11 a.m. and 4 p.m.

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