n
n
n 
Parking Reimbursement Account:
qAllows you to pay for your daily or monthly parking expenses incurred for your parking at or near your work. You can elect up to $300.00 per month for
2023, to have deducted from your pay TAX-FREE for qualified
parking expenses.
n Mass
Transit Reimbursement Account: qAllows you to pay for your mass transit expenses related to your commute to work.
You can elect up to $300.00 per month for
2023, to have deducted from your pay TAX-FREE for qualified mass transit expenses.
(Note: For Transit accounts, The Commonwealth
of MA maximum amount for inclusion is $140 as they did not
increase the amount to $300, therefore up to $140 can be set-up
pre-taxed for Commonwealth of MA taxes, $300 for Federal taxes)
Savings:
nYou can reduce your taxable income and avoid paying Social Security and Medicare Tax (7.65%) and Federal Income Tax (15% to
30%) and some State taxes by enrolling in your company sponsored Section 132 Benefits Plan.
