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Transforming payroll savings is a smart strategy for both employees and employers, and pre tax benefit programs play a crucial role in this process. At Lumara Health, we emphasize the importance of offering these programs to help employees reduce their taxable income while covering essential expenses like healthcare, transportation, and retirement savings.
TaxSavings: Pre-tax benefits
Allow employees to reduce their taxable income, which leads to lower income tax liabilities and more take-home pay.
IncreasedEmployee Satisfaction:
Offering pre-tax benefit programs can improve employee morale and retention, as it helps them save money on essential services like healthcare and transportation.
Employer Savings:
Employers benefit from reduced payroll taxes, as contributions made under pre-tax benefits programs are not subject to Social Security, Medicare, and unemployment taxes.
WideRangeof EligibleBenefits:
Pre-tax benefits can cover a variety of expenses, including health insurance, flexible spending accounts (FSAs), transportation passes, and retirement plan contributions.
Enhanced Financial Security:
By using pre-tax benefits, employees can allocate more of their earnings toward retirement and health savings, leading to better financial security in the long term.
