How Does A Cafeteria Plan Work | |||
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What Is A Cafeteria Plan?A Cafeteria Plan allows employees to pay for specific medical expenses and premiums with before-tax dollars.Essentially, the employee saves federal income and FICA taxes on the total amount paid through a Cafeteria Plan, and in most states, the employee also saves state income taxes on that amount as well. Employers that offer Cafeteria Plans also save money by paying less in matching payroll taxes. How Does A Cafeteria Plan Work Generally speaking, a Cafeteria Plan allows employees to pay their share of insurance premiums, certain out-of-pocket medical and dependent care expenses, and certain other benefits with pre-tax dollars versus paying these same expenses with after-tax dollars. While many employers offer Cafeteria Plans, there are a number of rules or regulations that must be followed. Organizations have the option of performing their compliance requirement in-house, or outsourcing the enrollment, reimbursement, status change, and other function to any of the hundreds or Cafeteria Plan TPAs (Third Party Administrators). Find Training For Learning How A Cafeteria Plan WorksHRTrainingCenter.com offers training on how a Cafeteria Plan works, as well as training on how to implement and administer a Cafeteria Plan. We also offer numerous audio conferences throughout the year that provide tips, hints, and best-practices for improving compliance.To find your desired training, either select from one of the recommended courses below, or select "Cafeteria Plan" from the search box at the bottom of this page. | |||
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