Each year, the IRS determines the monthly amount for pre-tax payments for qualified transit and parking expenses. By participating in the Commuter Spending Account (CSA) plan, you are able to save both federal income tax and FICA (Social Security and Medicare) taxes on all contributions. Depending on your needs, there are two types of CSAs that could help you save: a Transportation Spending Account and Parking Spending Account.
A CSA is an IRS-regulated, employer-sponsored benefit plan that allows you to pay for eligible parking and transportation expenses with pre-tax money, saving you as much as 40% on your commuter costs. When using mass transit or a vanpool service (the vehicle must seat six (6) adults excluding the driver), the CSA enables you to use pre-tax dollars to pay for items such as transit passes, tokens, vouchers or fare cards.
Other NueSynergy Products
Subscribe to get NueSynergy partner and product updates