Commuter Assist Savings Example
In additional to federal income and FICA withholdings, participants may also be able to eliminate the state and local income taxes on earnings set aside into their Commuter Assist plan. This table below shows the tax savings at various taxation percentages if a participant chose to set aside the maximum monthly allowable contribution of $310 ($105 in transit and $205 in parking).
| Tax Rate | Annual Salary Deduction ($310 monthly for 12 months) |
Tax Savings |
|---|---|---|
| 22.65% | $3,720 | $843 |
| 35.65% | $3,720 | $1,326 |
| 37.45% | $3,720 | $1,393 |
| 41.05% | $3,720 | $1,527 |