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Calculate Your Savings

Calculate Your Savings

Are you considering a PayFlex® account? Not sure how much to contribute or how much you'll save? Pete, our interactive adviser, is here to help! He's friendly and ready to help you understand the benefits of enrolling in a pretax account and help you determine how much to contribute.

Pete asks a variety of questions and based on your responses offers recommendations.

You can also use our savings calculators to help you determine your potential savings when using a PayFlex health care and/or dependent care account.

Pete

Savings Calculators

Use our savings calculators to help you determine your potential savings when using a PayFlex health care and/or dependent care account. To get started, select one of the calculators below.

Health Care Savings Calculator

Use this calculator to help you determine your potential savings when using a PayFlex health care account (FSA or HSA) for your eligible out-of-pocket expenses.

Medical Expenses
Medical Expenses Enter Amount
Dental Expenses
Dental Expenses Enter Amount
Vision & Hearing Expenses
Vision & Hearing Expenses Enter Amount

SELECT YOUR ACCOUNT TYPE

Account Type
Account Type
Account Type
Please select your Account Type
   
$

*Savings estimates assumes annual IRS FSA and HSA contribution limits or your total expenses, whichever is less. You should consult with your employer to determine the exact limits defined by your plan. For purposes of this calculation, a savings of 21% is used to assume Federal, state and social security taxes avoided by making pretax contributions. Please be advised that this calculation is only an estimate and is not tax advice. Be sure to consult a tax advisor to determine actual savings you may achieve by making pretax contributions. Actual tax savings depends on several variables, including state and local tax rates, your individual tax bracket and FICA tax rate.


Please contact your employer's benefits representative if you have questions about how your specific plan works. Carefully plan your contribution. Remember with an FSA, unused funds may be forfeited following the end of your plan year.



Dependent Care Savings Calculator

Use this calculator to help you determine your dependent care contribution amount and potential savings for the plan year. Keep the following in mind when estimating your expenses:

  • This is for dependent care costs for children under 13; elderly parents; spouse or other relative incapable of self-care who spend at least 8 hours each day in your home.

  • Amounts you pay for dependent care while you are off work due to vacation, holidays, illness or injury are ineligible expenses.

  • Your employer will deduct your pretax contributions from your paycheck (in equal amounts during the year) and deposit into your dependent care FSA. This means your full contribution won’t be available at the beginning of the plan year.

  • You may want to consult a tax professional to determine if a dependent care FSA or the deduction on your annual tax return is the right choice for you and your family. For a general idea, use our tax credit calculator.

Dependent Care Savings
Dependent Care Savings Cost # of weeks Estimated
annual cost
Weekly costs for child care (in/out of your home) X =
Weekly costs for nursery/preschool X =
Weekly costs for before/after school X =
Weekly costs for elder or relative care (in/out of your home) X =
Total (school-aged) child care costs for summer care (e.g., day camp, day care) X =
TOTAL DEPENDENT CARE EXPENSES
   
$ 0.00

*Savings estimates assumes plan limits set by the IRS or your total expenses, whichever is less. You should consult with your employer to determine the exact limits defined by your plan. For purposes of this calculation, a savings of 21% is used to assume Federal, state and social security taxes avoided by making pretax contributions. Please be advised that this calculation is only an estimate and is not tax advice. Be sure to consult a tax advisor to determine actual savings you may achieve by making pretax contributions. Actual tax savings depends on several variables, including state and local tax rates and your individual tax bracket.


Please contact your employer's benefits representative if you have questions about how your specific plan works. Carefully plan your contribution. Remember with a dependent care FSA, unused funds may be forfeited following the end of your plan year.



Use this calculator to help you determine the best way for you and your family to take advantage of the tax savings allowed by the IRS. You can take advantage of the dependent care FSA through your employer (if offered) OR take the Federal Tax Credit when you file your income tax return at the end of the year. Both are designed to help you save tax dollars on the money you spend for eligible dependent care expenses. Generally, if your household income is greater than $26,000.00 per year, a dependent care FSA will save you more money.

Dependent Care Tax Credit Calculator
Dependent Care Tax Credit Calculator Enter Amount
# of dependents in your family?
Dependent care cost for all dependents ($5,000 maximum)
Your annual household income
Where do you pay your state taxes?
Your tax filing status
$0.00
$0.00

Please be advised that this calculation is only an estimate and is not tax advice. Be sure to consult a tax advisor to determine actual savings you may achieve. Actual tax savings depends on several variables, including state and local tax rates and your individual tax bracket.



Contact a PayFlex Advocate

1-844-PAYFLEX
(1-844-729-3539)
Monday - Friday, 7:00 am - 7:00 pm (CT)
Saturday, 9:00 am - 2:00 pm (CT)