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Flexible Spending Account Can Save You Tax Money

By joining CNM’s Cafeteria Plan (Flexible Spending Account), you can guarantee tax savings for yourself, and therefore put more money into your own pocket.

Aug 09, 2016

By joining CNM’s Cafeteria Plan (Flexible Spending Account), you can guarantee tax savings for yourself, and therefore put more money into your own pocket. The plan is a system in which employees can allocate money from their paycheck before taxes are taken out and have the funds put into an employee account that can be used to pay for medical expenses throughout the year. An amount of your choosing is withdrawn from your paycheck each pay period for the account. You simply submit receipts for reimbursement. The deadline to apply for the Cafeteria Plan is Oct. 31. The plan goes into effect January 1, 2013.

Your payroll taxes are calculated at about 25 percent of your pay. When you put some of your salary into the Cafeteria Plan, that 25 percent stays in your pocket instead of going to taxes. How much would you save?

If you defer this amount annually: 

You will save approximately this amount on taxes:

$2,500

$625

$2,000

$500

$1,500

$375

$1,000

$250

$500

$125

 

 

 

 

 

 

 

 

 

 

For more information, please contact Human Resources at (505) 224-4600. To access the FSA Enrollment form click link, click here.