Corporate Coverage offers Transit & Parking Administration benefit services for companies that need guidance in providing transit solutions to their employees at an affordable rate.
Transit & Parking Administration Solutions:
- Employers AND employees reduce their taxes by simply offering an IRS Section 132 Transit and Parking Plan!
- Employees who pay for parking while at work may elect to deduct up to $270/month(2021) pre-tax from their pay. This reduces their payroll and income taxes.
- Employers benefit by paying less payroll taxes.
- Employees who pay for Mass Transit to commute to work can elect to deduct up to $265/month pre-tax. This also provides employers with payroll tax savings; and employees with payroll and income tax savings.
- Benefits can be funded by employer or employee contributions.
- Annual enrollment elections (like Flexible Spending Accounts) are not necessary.
- Claims are usually paid with debit card requiring minimal substantiation.
- Section 132 plans are not subject to discrimination testing like FSA/Dependent Care plans.
Contact a Corporate Coverage benefit design consultant to start LOWERING YOUR TAXES!