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The IRS does not give a set list of options for box 14 - this box is used primarily for the employer to communicate something to the employee. If you dont know what it is, we advise Other as the category.
What is S125 tax deduction?
A section 125 plan allows employers to offer employees, their spouses and dependents certain benefits on a pretax basis, thereby lowering the employees taxable income. It essentially puts more money back in the employees pocket, which can help businesses attract and retain talent.
What is S125 on my W-2?
The S125 code usually refers to contributions to a Section 125 plan or a Cafeteria Plan. These are pre-tax deductions from an employees salary that go towards health insurance premiums, and sometimes, dependent care or other eligible expenses.
What is the flexible health benefits plan?
Flexible healthcare benefits allow employees to choose healthcare options that align with their specific medical needs and preferences. Options include, but are not limited to: Health Savings Account (HSA) A tax-advantaged savings account that allows employees to contribute pre-tax dollars for medical expenses.
What does S125 on my W-2 mean?
A Section 125 premium-only plan (POP) is a cafeteria plan that allows employees to pay their health insurance premiums with tax-free dollars.
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A Code S125 refers to a Section 125 plan which describes payroll deductions for an employee benefit. If it is an employee benefit that has already been removed from Wages in Box 1, then, choose a category of Other.
Related links
Section 125
Feb 4, 1986 Section 125 provides that, except in the case of certain discriminatory benefits, no amount shall be included in the gross income of a
Allegheny Colleges Section 125 Plan/Flexible Spending Account allows you to pay for certain health care and dependent care expenses on a pre-tax basis.
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