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FICA Savings Program
EMPLOYER BENEFIT OVERVIEW
Wellness and supplemental benefit solutions benefit both employers and employees. Employers see a net FICA tax savings of up to $1,186 per W2 employee per year, while employees gain access to additional pre-tax wellness benefits that supplement their existing health coverage - all at no out-of-pocket expense to either party.
How Do the Savings Work?
The net savings for the employer stem from contributing less to FICA taxes due to the gross income of employees being a lesser amount than prior to implementing the program. Your FICA rate of 7.65% remains the same, but is now on a lesser gross income, thus creating a delta in tax savings for you as the employer / contributor. The net tax savings are up to $1,186 per W2 per year depending on plan chosen for you.
Reducing Employee Turnover
Every employer struggles with reducing their employee turnover. Implementing benefits at no out-of-pocket expenses to your employees is a great solution for employee retention. Oftentimes, it's not financially feasible for a business owner to offer benefits, but with these plans, you are now able to do so without effecting their net take-home pay.
How This Impacts Your Major Medical Plan
These plans do not disrupt your current health plans, but rather stack on top. You will not need to make any adjustments to your current benefits in place.
Learn How the Tax Savings Program Works
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