If your employees commute via subway, train, bus, or vanpool, or must pay to park at the work site, a Qualified Transit and Parking Plan is a great way to help them save money each month on their commuting expenses.
Transit Plan Basics
All employees can participate Employees elect a salary reduction of up to $250 per month for parking, and $130* for mass-transportation The employer saves 7.65% on every dollar elected by not having to match FICA or Medicare Employees save 25% or more on their commuting expenses by paying with tax-free dollars
*Pending legislation would increase the mass-transit amount from $130 per month to $250 per month.
- $130/month maximum
- Employer saves up to $119 per employee
- Employee saves up to $546 per year!