Parking and Transit Reimbursement Accounts
BASIC offers the highest technology and most complete and superior service possible with Parking and Transit Reimbursement Account administration. We believe this focus is necessary for employees to fully utilize this benefit.
Benefits to Employers
- Attractive benefit for recruiting employees
- The employer savings on FICA taxes
- The employer does have the right to limit participation to certain categories of employees if necessary
Benefit to Employees
- By adding a Parking/Transit Reimbursement Plan to your benefit package, your employees will receive an additional pre-taxed benefit allowing for an increase in their take home pay.
- The plan allows the employees to deduct pre-taxed work related parking and mass transportation costs. This Plan reduces federal, state and FICA taxes. Participants can save approximately $0.25 on every dollar deducted pre-taxed through the Plan (15% federal 2% state 7.65% FICA). For those in a higher tax bracket, the savings increase.
See how we can help you by contacting BASIC today!