Genie Payroll Services Flex Benefit plans allow you to pay for certain employee group benefits (medical & dental) with pre-tax dollars, saving you money that would normally be paid in taxes. It’s a smart savings tool that every business should utilize.
Let’s take a look at real world savings:
A company with 10 employees, an annual payroll of $300,000, and Social Security taxes of 7.65%, would owe $22,950 in taxes. If enough employees signed up for FSAs to move $24,000 from the taxable payroll, the company would save nearly $2000 in taxes, possibly paying for the plan itself! Additionally, employees with a salary of $30,000, would, on average, have the equivalent to a 2.5% raise. Talk about boosting morale in the work place! Give your employee’s access to this cost savings program, show them the additional money they will keep in their pocket, which in turn will increase morale and increase your employee retention.
To recap the benefits of Genie Payroll Services Flex Benefit plan:
- Tax savings for both employee and employer by lowering taxable income.
- Covers out of pocket medical expenses.
- Pays for deductibles, co-pays, prescriptions, dental expenses, vision care, etc.
- Allows you to create a menu of pre-tax options including commuter, medical and dependent care.
To find out more about Genie Payroll Services Flex Benefit plans please submit an inquiry form or call us at 877-386-3407 and we will prepare a customized quote for your review. It’s easy and will save your company and your employee’s money each and every payroll.