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PREMIUM ONLY PLANS (POP)
Premium only plans allow you to pay for certain employer deducted insurance premiums with tax-free dollars. By simply electing to participate, your employer will begin to deduct your premium before the computation of Federal, State and FICA taxes, and that amount will not be reported as income for W-2 wages.
CAFETERIA PLAN ILLUSTRATION
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WITHOUT CAFETERIA PLAN WITH CAFETERIA PLAN
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$1,000 Gross Wages/W-2 Income $1,000 Gross Wages
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-300 Taxes (State, Fed & FICA) -100 Insurance & Other Expenses
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$700 Net $900 Net W-2 Reportable Income
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-100 Insurance/Other Expenses - 270 Taxes (State, Fed & FICA
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$600 Take Home Pay $630 Take Home Pay
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By Participating Your Take Home Increased By $30.00
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SOUTHERN ADMINISTRATORS AND BENEFIT CONSULTANTS, INC
Phone: 601-856-9933
Fax: 601-856-8088
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