Page 14 - Dawson 2021 New Hire Guide
P. 14
DAWSON
Account
Debit Card Healthcare Use For Contribution
The WageWorks FSA debit card is an easy way to keep cash FSA Most medical, dental, and $2,750 annual
maximum
vision care expenses not
in your pocket while using your FSA. Many payments made covered under the plan
with the card are approved automatically, so no further (e.g., copays, deductibles,
paperwork is required. Both healthcare and dependent care orthodontia expenses, lasik
expenses may be paid with the debit card. If WageWorks surgery, and prescription
cannot determine the use of your debit card is for an eligible eyewear). May be used for
expense, a request for substantiation will be sent which will eligible dependents regardless
of whether they are covered
require you to submit a copy of the receipt which clearly under a DAWSON beneit plan.
indicates the nature of the expense. The reason for this
request is to prove funds were used to pay eligible medical, Dependent Dependent care expenses (e.g., $5,000 annual
dental, and vision care expenses. Failure to respond to Care FSA daycare, after school programs maximum;
substantiation requests will result in the suspension of your for children under age 13, or $2,500 if
married and
elder care programs for your
debit card. Your FSA debit card eligible expenses include legal tax dependents) so you iling separate
medical out-of-pocket expenses not covered by dental, and your spouse can work or tax returns
vision, pharmacy copays, and over-the-counter materials attend school full-time.
and medication.
An Example of How the FSA Plans Work
Semi-Monthly Deductions Without FSA With FSA
Gross Monthly Pay $1,000 $1,000
Dependent Day Care Spending ($104.00)
Account Contribution
Medical Spending Account ($25.00)
Contribution
Taxable Pay $1,000 $871
Less FICA Taxes* ($77) ($66)
Less Federal Income Tax* ($200) ($174)
Take Home Pay $724 $631
Cost of Daycare ($104)
Cost of Un-Reimbursed Medical ($25)
Expenses
Discretionary Income $595 $631
* Please note the tax rate used in this example is an estimate. Actual
tax rate will vary based on local and state taxes in your area.
14
Account
Debit Card Healthcare Use For Contribution
The WageWorks FSA debit card is an easy way to keep cash FSA Most medical, dental, and $2,750 annual
maximum
vision care expenses not
in your pocket while using your FSA. Many payments made covered under the plan
with the card are approved automatically, so no further (e.g., copays, deductibles,
paperwork is required. Both healthcare and dependent care orthodontia expenses, lasik
expenses may be paid with the debit card. If WageWorks surgery, and prescription
cannot determine the use of your debit card is for an eligible eyewear). May be used for
expense, a request for substantiation will be sent which will eligible dependents regardless
of whether they are covered
require you to submit a copy of the receipt which clearly under a DAWSON beneit plan.
indicates the nature of the expense. The reason for this
request is to prove funds were used to pay eligible medical, Dependent Dependent care expenses (e.g., $5,000 annual
dental, and vision care expenses. Failure to respond to Care FSA daycare, after school programs maximum;
substantiation requests will result in the suspension of your for children under age 13, or $2,500 if
married and
elder care programs for your
debit card. Your FSA debit card eligible expenses include legal tax dependents) so you iling separate
medical out-of-pocket expenses not covered by dental, and your spouse can work or tax returns
vision, pharmacy copays, and over-the-counter materials attend school full-time.
and medication.
An Example of How the FSA Plans Work
Semi-Monthly Deductions Without FSA With FSA
Gross Monthly Pay $1,000 $1,000
Dependent Day Care Spending ($104.00)
Account Contribution
Medical Spending Account ($25.00)
Contribution
Taxable Pay $1,000 $871
Less FICA Taxes* ($77) ($66)
Less Federal Income Tax* ($200) ($174)
Take Home Pay $724 $631
Cost of Daycare ($104)
Cost of Un-Reimbursed Medical ($25)
Expenses
Discretionary Income $595 $631
* Please note the tax rate used in this example is an estimate. Actual
tax rate will vary based on local and state taxes in your area.
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