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The basis of a section 125 plan is that it s a premium only plan pop and or a flexible spending account fsa.
Section 125 deductions. Section 125 plans section 125 plans from paychex can save money for your company and employees a section 125 premium only plan pop and flexible spending account fsa also known as cafeteria plans can reduce fica federal and state and local taxes for your company and employees when combined with your company s group health insurance. With pre tax benefits you deduct the employee s contribution before you withhold taxes reducing their taxable income. Employees their spouses and dependents can all benefit from section 125 plans.
The pop aspect allows you the employee to pay into the employer sponsored health. These benefits may be. Section 125 is a written plan that lets employees choose between qualifying benefits and cash.
A section 125 plan is part of the irs code that enables and allows employees to take taxable benefits such as a cash salary and convert them into nontaxable benefits. A section 125 cafeteria plan is an employer sponsored benefits plan that lets employees pay for certain qualified medical expenses such as health insurance premiums on a pre tax basis. Section 125 is the section of the irs tax code where the items that can be deducted from employee pay on a pre tax basis are defined.
In the context of section 125 pre tax means that a deduction is exempt from federal income tax withholding social security and medicare taxes. Employees receive benefits as pre tax deductions.
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