consumer Employer SBEC/FBD EE Access


Featuring The Benny™ Prepaid Benefits Card


Address:

PO Box 800518
Houston, TX
77280-0518

Phone: (713) 460-FLEX (3539)
Toll-Free: (888) 732-8125
Fax: (713) 460-3550
Email:
claims@fbaflex.com

How Does The Employee Benefit?

Assume you are an employee earning $1,500 per month (gross income). You have premiums of $285.00 ($260.00/month health insurance and $25.00/month for dental insurance). Also, you have $50.00 per month for un-reimbursed medical expenses as well as $200.00 per month for child care.

Now, through a company sponsored Flex Plan, you may request to withhold from your paycheck – on a pre-tax basis – an amount equal to those qualifying expenses. Having these expenses withheld from your paycheck as pre-tax dollars and reimbursed to you for payment of those expenses under the terms of the plan, in effect, decrease your tax liability and gives you the money you never before could find to put away for the future. The following is an example of how it all works for the employee.

 

(A)
Without Flex Plan

(B)
With Premium
Only Plan

(C)
With Full Flex Plan

GROSS MONTHLY INCOME
$1,500.00

$1,500.00

$1,500.00

 

FLEX ALLOCATIONS:
Insurance Premiums
Un-reimburses Medical Expenses
Child Care Expenses


($0.00)
($0.00)
($0.00)

($285.00)
($0.00)
($0.00)

($285.00)
($50.00)
($200.00)
 

TAXABLE INCOME

Taxes:
Federal Income Tax (15%)
FICA (7.65%)

Total Taxes Withheld

$1,500.00


($225.00)
($114.75)

($339.75)

$1,215.00


($192.25)
($92.95)

($285.20)

$965.00


($144.75)
($73.82)

($218.57)

 
INCOME AFTER TAXES

Insurance Premiums
Un-reimbursed Medical Expenses
Child Care Expenses

$1,160.25

($285.00)
($50.00)
($200.00)

$929.80

($0.00)
($50.00)
($200.00)

$746.43

($0.00)
($0.00)
($0.00)

 
NET INCOME
$625.25
$679.80
$746.43
 
PRE-TAX DOLLARS SAVED
$0.00
$54.55
$121.18

Example B – $ 54.55 X 12 months = $ 654.60 annual increase in take-home pay.
Example C – $ 121.18 X 12 months = $ 1,454.16 annual increase in take-home pay.


Copyright 2018 Flex Benefit Administrators