Commuter Benefit Savings
Employees can use pre-tax dollars to pay for their commute (up to $280/month for transit and up to $280/month for qualified parking) and save on taxes. Benton Oakfield's commuter benefit partners cover all types of commuting - subway, bus, train, ferry, vanpool and parking. Use commuter benefits to save money for both your business and employees.
The IRS allows employees to set aside money for their commute -tax-free. With commuting and gasoline costs continuing to rise, a commuter benefits program can significantly reduce the burden of these increased costs. The IRS sets a monthly maximum amount that you can deduct pre-tax, currently $280 for transit and $280 for parking. Tax savings on commuting means more money in the employees pocket and your profit and loss statement.
Employees save up to $954/year* on subway, bus, train, ferry, and vanpool while decreasing your FICA taxes.
Plus, employees save up to another $954/year* on parking expenses and also minimize your FICA taxes.
Bring Commuter Benefits to Your Company
How popular are commuter benefits? According to the 2010 Commuter Benefit Impact Survey by TransitCenter, commuter benefits are now considered among the "core four," joining health, retirement and disability as the top benefits that companies offer employees.
Benton Oakfield specializes in transit and parking benefits, and can provide you and your employees with all the information you need to implement a commuter benefits program at your company. Our commuter toolkit has a variety of resources to help you spread the word about savings.
*Employee savings are for informational purposes only and are based upon an overall marginal tax rate of 30%, monthly pretax deductions of $280 for a transit benefit and $280 for a parking benefit. Individual savings may vary based upon income, individual tax rates, state of residence and other factors. Please consult your tax advisor.