Commuter benefitsEnhance workplace value with commuter benefits.
Commuter benefits: a win-win for all.
Commuter benefits are a powerful perk that saves both employers and employees money. Employees can set aside pre-tax dollars to pay for commuting expenses like mass transit, rideshares, and qualified parking, while employers save on payroll taxes each year.
As more companies return to the office, implementing a commuter benefit program is a smart way to support your team and strengthen your benefits package.
- For employers:Simplify plan management
- Implementing commuter benefits is a win-win for both employers and employees. By making commuting more affordable and convenient, you can boost employee satisfaction, engagement, and productivity. These benefits also help reduce payroll taxes and position your company as a forward-thinking employer, enhancing retention and attracting top talent.
- For Financial Advisors:Elevate client strategies
- Help your clients employers and employees alike maximize the value of commuter benefits. WealthPlus offers programs that save money, boost employee satisfaction, and strengthen workplace productivity. Advise employers on reducing payroll taxes and enhancing benefits packages, while guiding employees to save on commuting costs. With WealthPlus, you can provide tailored solutions that strengthen your role as a trusted advisor.
- For employees:Build a stronger future
- Commuter benefits let you use pre tax dollars to cover expenses like mass transit, rideshares, and parking, saving you up to $325 per month for transit and $325 per month for parking. Combine transportation modes, carpool, or take advantage of employer contributions to reduce your out of pocket costs and make your daily commute more affordable.
Support your team's commute with WealthPlus.
At WealthPlus, we help companies offer commuter benefits that make getting to and from work more affordable for employees. These benefits can include pre-tax savings for commuting expenses, discounts on public transit, or even stipends to offset costs—tailored to fit your company's needs.
If you're unsure whether your employer offers commuter benefits, check with your HR department or company benefits website. With WealthPlus, employers can easily implement programs that support their workforce and promote financial well-being.
Section 132(f)
Under IRS Section 132(f), employees can set aside up to $325 a month for public transportation and $325 for parking, saving up to $600 monthly while reducing taxable income.
Stipends
Some employers provide monthly or yearly stipends for commuting expenses instead of setting up accounts. You may receive funds upfront through a debit card or be reimbursed for eligible costs. This benefit acts as additional support to offset commuting expenses. Always keep receipts to document your transactions.
Payroll taxes
By offering commuter benefits, employers can save an average of $40 per month on payroll taxes for each participating employee. It's a win-win for both businesses and their teams.
Financial security
Commuter benefits help you save on daily travel costs by using pre-tax dollars for expenses like transit and parking. By reducing out-of-pocket spending and lowering taxable income, these benefits provide a simple yet powerful way to strengthen your financial well-being.
