Flexible Spending Accounts
Reliance Payroll can set up a Flexible Savings Account (FSA) that will provide your employees with extra spending money per paycheck while reducing out-of-pocket expenses like doctor and dentist co-pays, prescriptions and day-care costs.
Reliance Payroll offers two different FSAs; one for qualified medical expenses and the other for dependent care expenses to offer your employees plans that can provide them with the coverage they need for themselves and for their families.
FSAs set aside money from each paycheck before the deduction of payroll taxes and provides a dual benefit. (1) Employees have more take-home pay and (2) You reduce your FICA and FUTA payroll taxes.
One consideration is that the spending accounts are ?use it or lose it funds.? Any funds remaining at year-end are forfeited which makes it extremely important that your employee understands this before selecting the FSA option.
Reliance Payroll will provide you with the communication tools your employees require to make an informed decision and manage their FSAs to their advantage.
Reliance Payroll will do the heavy lifting for you from establishing and managing an FSA for your business to claims processing.
We?ll generate legal documentation, compliance testing calculations and timely status reports to keep all accounts running smoothly. And, our dedicated support specialist acts as your single point of contact from program development through implementation.