Example of Savings with Flexible
Benefits using
only the Family Medical/Dental Election
|
| 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 use only the family medical/dental election in the flexible account.
In effect, you will receive a salary increase of approximately $25.00
per month. |
|
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 |
|
ADJUSTED GROSS PAY: |
|
|
$1,666.67 |
|
$1,569.67 |
|
TAXES: |
|
|
|
|
|
|
|
|
FICA |
|
|
|
$127.50 |
|
$120.08 |
|
|
FEDERAL INCOME TAX |
|
|
$169.38 |
|
$154.83 |
|
|
STATE INCOME TAX |
|
|
$39.00 |
|
$36.73 |
|
NET PAY: |
|
|
|
$1,330.79 |
|
$1,258.03 |
|
AFTER TAX EXPENSES: |
|
|
|
|
|
|
|
MEDICAL / DENTAL |
|
|
$97.00 |
|
$0.00 |
|
NET SPENDABLE INCOME: |
|
|
$1,233.79 |
|
$1,258.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPROXIMATE IMPACT OF PARTICIPATING THIS YEAR: |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SPENDABLE INCOME INCREASE (ANNUALLY): |
|
$290..88 |
|
|
RETIREMENT INCOME REDUCTION (MONTHLY): |
|
$0.36 |
|
|
RETIREMENT INCOME REDUCTION (ANNUALLY): |
|
$4.34 |
|
|
|
|
|
|
|
|
|
|
APPROXIMATE IMPACT OF PARTICIPATING UNTIL AGE 65: |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SPENDABLE INCOME INCREASE (THRU AGE 65): |
|
$14,542.20 |
|
|
RETIREMENT INCOME REDUCTION (MONTHLY): |
|
$0.44 |
|
|
RETIREMENT INCOME REDUCTION (ANNUALLY): |
|
$5.28 |
|
|
|
|
|
|
|
|
|
|
NOTE: THIS PROGRAM DOES NOT IMPACT YOUR STATE RETIREMENT INCOME. |
