Bradenton, FL (PRWEB) December 7, 2006
Core Documents, Inc., the nation's primary source for Section 125, HSA, HRA and Section 132 Transit & Parking Plans reports that the IRS has announced the new 2007 indexed benefit figures to update their Section 132 Transit & Parking plans for the coming New Year. Employers normally allow employees an open enrollment period prior to a new Plan Year to make changes in benefit deductions.
Section 132(f) of the Internal Revenue Code allows employers to establish special employee spending accounts to reimburse parking and transit expenses on a pretax, or tax-free basis.
This saves employers 7.65% in matching Medicare and Social Security (FICA) taxes and employees save up to 40% in federal income taxes alone.
The new 2007 indexed figures for parking and transit are as follows:
- Parking Benefit went from $205 in 2006 to $215 for 2007
- Transit & Commuter Benefits went from $105 in 2006 to $110 in 2007
Core Documents (http://www.CoreDocuments.com) offers employers everything they need to update, amend or start a new Section 132 Transit and Parking plans for only $99 plus $15 shipping and handling. Core Documents also provides employers with free software to self-administer their own plans.
For more information please go to http://www.Core132.com or call 888-755-3373