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Use the Flex Plan to pay for daycare
Use the Flex Plan to pay for daycare
Do you pay for daycare? You can use the Cafeteria 125 Flexplan to pay for your daycare and save social security taxes and federal withholding taxes? You can set aside up to $5,000 a year to be reimbursed through the Flexplan for a savings of $1,132.50. ($5,000 x 7.65% = $382.50, $5,000 X 15% = $750 = $1,132.50) Here's how it works: - Figure how much you spend on daycare a month and times it by 12.
- Fill out an enrollment form for the 'dependent care reimbursement' plan.
- Payroll will deduct 1/12 of that amount from your payroll and send it to PBS, Inc.
- Get a receipt from your daycare each month and send it along with a claim form to PBS, Inc.
- PBS, Inc. will send you a reimbursement check or electronically deposit the reimbursement to your financial institution within 5 days.
- Each quarter you will receive a statement from PBS, Inc. with your account balance.
You have until September 30th of next year to use your daycare money. If you have questions or would like an enrollment form, please call Terry Massender, Payroll Officer, 924-1830, extension 5030 or email me at massendert@evsd.org. You must have your enrollment form in the payroll office by September 19th to start using your daycare money in October. Or you must have your enrollment form in the payroll office by October 22nd to start using your daycare money in November.
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