This
example illustrates an employee with an annual salary of $20,000.00
who has family medical/dental coverage through UWA ($1164.00 annually),
and elects to place $1000.00 annually in the unreimbursed medical
expense flexible account and $4000.00 annually in the dependent care
flexible account.
FLEXIBLE COMPENSATION PROGRAM
SAMPLE SAVINGS ILLUSTRATION
SAMPLE #1
EMPLOYEE NAME:
JOHN DOE
DATE OF BIRTH:
1/1/1970
SOC. SEC. #:
111-22-3333
PAY FREQUENCY:
12
GROSS:
$1,666.67
W-2 EXEMPTIONS:
0
MARITAL STATUS:
M
STATE INCOME TAX %:
2.3400
STATE INC. TAX:
$ 39.00
BEFORE FLEX
AFTER FLEX
GROSS PAY:
$1,666.67
$1,666.67
SALARY REDUCTIONS:
MEDICAL / DENTAL
$0.00
$97.00
UNREIMBURSED MEDICAL
$0.00
$83.33
DEPENDENT CARE
$0.00
$333.33
ADJUSTED GROSS PAY:
$1,666.67
$1,153.00
TAXES:
FICA
$127.50
$88.21
FEDERAL INCOME TAX
$169.38
$92.33
STATE INCOME TAX
$39.00
$26.98
NET PAY:
$1,330.79
$945.48
AFTER TAX EXPENSES:
MEDICAL / DENTAL
$97.00
$0.00
UNREIMBURSED MEDICAL
$83.33
$0.00
DEPENDENT CARE
$333.33
$0.00
NET SPENDABLE INCOME:
$817.12
$945.48
APPROXIMATE IMPACT OF PARTICIPATING THIS YEAR:
NET SPENDABLE INCOME INCREASE (ANNUALLY):
$1,540.32
RETIREMENT INCOME REDUCTION (MONTHLY):
$0.36
RETIREMENT INCOME REDUCTION (ANNUALLY):
$4.36
APPROXIMATE IMPACT OF PARTICIPATING UNTIL AGE 65:
NET SPENDABLE INCOME INCREASE (THRU AGE 65):
$77,011.56
RETIREMENT INCOME REDUCTION (MONTHLY):
$2.79
RETIREMENT INCOME REDUCTION (ANNUALLY):
$33.48
NOTE: THIS PROGRAM DOES NOT IMPACT YOUR STATE RETIREMENT INCOME.
This example
illustrates an employee with an annual salary of $40,000.00
who has family medical/dental coverage through UWA ($1164.00 annually), and elects to place
$1000.00 annually in the unreimbursed medical expense flexible account
and $4000.00 annually in the dependent care flexible account.
FLEXIBLE COMPENSATION PROGRAM
SAMPLE SAVINGS ILLUSTRATION
SAMPLE #2
EMPLOYEE NAME:
JOHN DOE
DATE OF BIRTH:
1/1/1970
SOC. SEC. #:
111-22-3333
PAY FREQUENCY:
12
GROSS:
$3,333.34
W-2 EXEMPTIONS:
0
MARITAL STATUS:
M
STATE INCOME TAX %:
3.3000
STATE INC. TAX:
$ 110.00
BEFORE FLEX
AFTER FLEX
GROSS PAY:
$3,333.34
$3,333.34
SALARY REDUCTIONS:
MEDICAL / DENTAL
$0.00
$97.00
UNREIMBURSED MEDICAL
$0.00
$83.33
DEPENDENT CARE
$0.00
$333.33
ADJUSTED GROSS PAY:
$3,333.34
$2,819.67
TAXES:
FICA
$255.00
$215.71
FEDERAL INCOME TAX
$419.38
$342.33
STATE INCOME TAX
$110.00
$93.05
NET PAY:
$2,548.96
$2,168.58
AFTER TAX EXPENSES:
MEDICAL / DENTAL
$97.00
$0.00
UNREIMBURSED MEDICAL
$83.33
$0.00
DEPENDENT CARE
$333.33
$0.00
NET SPENDABLE INCOME:
$2,035.29
$2,168.58
APPROXIMATE IMPACT OF PARTICIPATING THIS YEAR:
NET SPENDABLE INCOME INCREASE (ANNUALLY):
$1,599.48
RETIREMENT INCOME REDUCTION (MONTHLY):
$0.51
RETIREMENT INCOME REDUCTION (ANNUALLY):
$6.08
APPROXIMATE IMPACT OF PARTICIPATING UNTIL AGE 65:
NET SPENDABLE INCOME INCREASE (THRU AGE 65):
$106,052.88
RETIREMENT INCOME REDUCTION (MONTHLY):
$0.30
RETIREMENT INCOME REDUCTION (ANNUALLY):
$3.60
NOTE: THIS PROGRAM DOES NOT IMPACT YOUR STATE RETIREMENT INCOME.
This example
illustrates an employee with an annual salary of $60,000.00
who has family medical/dental coverage through UWA ($1164.00 annually), and elects to place
$1000.00 annually in the unreimbursed medical expense flexible account
and $4000.00 annually in the dependent care flexible account.
FLEXIBLE COMPENSATION PROGRAM
SAMPLE SAVINGS ILLUSTRATION
SAMPLE #3
EMPLOYEE NAME:
JOHN DOE
DATE OF BIRTH:
1/1/1970
SOC. SEC. #:
111-22-3333
PAY FREQUENCY:
12
GROSS:
$5,000.00
W-2 EXEMPTIONS:
0
MARITAL STATUS:
M
STATE INCOME TAX %:
3.4800
STATE INC. TAX:
$ 174.00
BEFORE FLEX
AFTER FLEX
GROSS PAY:
$5,000.00
$5,000.00
SALARY REDUCTIONS:
MEDICAL / DENTAL
$0.00
$97.00
UNREIMBURSED MEDICAL
$0.00
$83.33
DEPENDENT CARE
$0.00
$333.33
ADJUSTED GROSS PAY:
$5,000.00
$4,486.33
TAXES:
FICA
$382.50
$343.20
FEDERAL INCOME TAX
$795.04
$651.21
STATE INCOME TAX
$174.00
$156.12
NET PAY:
$3,648.46
$3,335.80
AFTER TAX EXPENSES:
MEDICAL / DENTAL
$97.00
$0.00
UNREIMBURSED MEDICAL
$83.33
$0.00
DEPENDENT CARE
$333.33
$0.00
NET SPENDABLE INCOME:
$3,134.79
$3,335.80
APPROXIMATE IMPACT OF PARTICIPATING THIS YEAR:
NET SPENDABLE INCOME INCREASE (ANNUALLY):
$2,412.12
RETIREMENT INCOME REDUCTION (MONTHLY):
$0.52
RETIREMENT INCOME REDUCTION (ANNUALLY):
$6.22
APPROXIMATE IMPACT OF PARTICIPATING UNTIL AGE 65:
NET SPENDABLE INCOME INCREASE (THRU AGE 65):
$108,910.80
RETIREMENT INCOME REDUCTION (MONTHLY):
$0.00
RETIREMENT INCOME REDUCTION (ANNUALLY):
$0.00
NOTE: THIS PROGRAM DOES NOT IMPACT YOUR STATE RETIREMENT INCOME.
