Tax-free commuter benefits are employer-provided voluntary benefit programs that allow you to reduce your monthly commuting expenses for?transit, vanpooling, biking and work-related parking costs.
What are the benefits of a Commuter Benefits account?
- Ease of use – Simply swipe a prepaid benefits card when paying for qualifying transit expenses.
- Flexibility – Use a secondary form of payment when the purchase exceeds your monthly election.
- Unused amounts remaining in your accounts can be carried over to use the next year.
- You are able to use pre-tax funds to pay for eligible transit and parking expenses. Transit and/or parking benefits are available for employee expenses only.
- The IRS sets maximum monthly pre-tax deduction and spending amounts and adjusts them annually. These limits reflect the maximum allowed pre-tax contribution amounts and reimbursement amounts per calendar month.
- Contributions are available for reimbursement based on an your payroll deduction cycle.
Commuter Benefits are accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC) and administered by WEX Health, Inc.
The amount you save in taxes will vary depending on the amount you set aside in the account, your annual earnings, whether or not you pay Social Security taxes, the number of exemptions and deductions you claim on your tax return, your tax bracket and your state and local tax regulations. Check with your tax advisor for information on how your participation will affect your tax savings.
This page highlights some of the benefits of Commuter Benefits. If there is a discrepancy between this material and your plan documents, the plan documents will govern. WEX Health, Inc. reserves the right to amend or modify the services at any time.