Employee Tax Savings Calculator
Estimate the tax savings for your plan
Welcome to the BESTflex Plan Employer Tax Calculator.
Employees and participants can use this calculator to estimate their tax savings when deciding how much of their paycheck is withheld and placed into the BESTflex Plan.
Our new BESTflex Plan Employee Tax Savings calculator will automatically calculate your potential tax savings as you fill out the form. All fields are required.
How the BESTflex Plan works:
Let’s say you make $3000 a month. Taxes take at least 30% right off the top, leaving you $2100 in take-home pay. If your medical expenses are $100 a month and your daycare expenses are $400, that leaves you $1600 a month.
With the BESTflex Plan, you set aside the $100 for medical expenses and $400 for daycare, leaving you $2500 as your taxable, monthly income. After taxes, that leaves you with $1750 in take home pay, a net gain of $150 a month or $1800 a year.
That's how it works.
Note: The salary and tax example shown is a broad approximation of tax liability. You should consult a tax adviser for help with your own situation. Current IRS tax laws control all BESTflex Plan matters.