125 Cafeteria Plan - Flexible Spending Accounts
A 'Section 125 Cafeteria Plan', often referred to as a 'Flexible Spending Account', helps you keep more of your paycheck by reducing your Federal and state taxes. It allows you to pay certain expenses before taxes are deducted from your paycheck. These expenses include daycare, insurance premiums and most out-of-pocket medical costs. Use this calculator to see how participating in your employer's 'Section 125 Cafeteria Plan' can help you pay less tax, and increase your net take home pay. This calculator uses 2012 withholding schedules, pending the IRS release of the 2013 withholding schedules.