06.02.2018 22:00:00

Clarity Benefit Solutions Shares Five Advantages to Reducing Commuter Costs with Commuter Benefits

NEW YORK, Feb. 6, 2018 /PRNewswire-iReach/ -- Clarity Benefit Solutions shares five advantages to reducing commuter costs with commuter benefits. Commuter benefits plans allow employers the chance to save significant money because they are exempt from federal income and payroll taxes. Originally established to foster the use of public transportation, commuter benefits permit employers and employees to use pre-tax dollars to pay for an array of commuting expenses in the following ways: a pre-tax, employee-paid payroll deduction; a tax-free, employee-paid subsidy; or a combination of both methods. Here are several ways to reduce commuter costs.

  • Employers can realize tax savings. Depending on which state a company is located, business owners can save on both state and federal income taxes, as well as payroll taxes. So, if you don't qualify for the state savings, take advantage of the federal tax perks available when offering commuter benefits. You then become an employer-provided fringe benefit and are eligible for payroll and federal tax savings when you file your business taxes each year.
  • Employers save money on health care. Happier employees don't get sick as often, and spend less money on medical expenses, which translates into savings for business owners. If they buy into the commuter benefits programs and spend less on commuting costs, they are likely to be thrilled with their savings—and most likely more productive!
  • Employers can gain a competitive edge. Commuter benefits, especially when offered by employers in major cities such as New York, Chicago, or Seattle, are a significant perk for younger employees who may be more likely to use public transportation. Leverage these benefits to attract—and retain—young, fresh talent.
  • Employers can stay compliant. Offering commuter benefit plans allow employers to comply with local ordinances and save them from potential fines due to non-compliance. Metro cities across the country have passed local ordinances that instruct businesses with a certain number of employees to offer pre-tax commuter benefits.
  • Employers can pass savings to their employees. Employees who take advantage of commuter benefits can realize up to a 40 percent savings on the cost of their commute since they do not have to pay income taxes on the funds they set aside to pay for these commuting expenses.

    • About Clarity Benefit Solutions:Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.

    Media Contact:Calvin Clark, Clarity Benefit Solutions, 732-428-8272, cclark@claritybenefitsolutions.com

    News distributed by PR Newswire iReach: https://ireach.prnewswire.com

     

    SOURCE Clarity Benefit Solutions

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