The Savings Calculator will help you:
- Itemize unreimbursed health and dependent care expenses
- Estimate your annual increase in spendable income if you should choose to participate in the Flexible Spending Account plan
When calculating your annual election amount, keep in mind that the TexFlex health care account and day care account each have a $12 annual administrative fee starting September 1, 2010. The fee will be automatically deducted from your account(s) and will be in addition to the annual debit card fee of $15, should you elect to use the debit card.
- Don't forget about our dependent day care tax calculator, which helps you determine the best way for you and your family to take advantage of the tax savings allowed by the IRS.
|Annual Medical expenses:||$0.00|
|Annual Dental expenses:||$0.00|
|Annual Vision and Hearing expenses:||$0.00|
|Annual Unreimbursed Healthcare expenses:||$0.00|
|Annual Dependent Care expenses:||$0.00|
|Total Annual expenses:||$0.00|
|Increase* in annual spendable income:||$0.00|
* Savings estimate assumes plan limits of $5,000.00 for unreimbursed healthcare expenses and $5,000.00 for dependent care expenses resulting in a maximum savings of $2,300.00. These are typical plan limits but you should consult with your employer to determine the exact limits defined by your plan. For purposes of this illustration, a savings of 23% was used and assumes Federal, state, social security taxes. Actual tax savings depends on several variables, including state and local tax rates and the tax bracket of the participant.