The average American driver may spend more than 450 hours each year - equal to nearly 11 weeks of work - behind the wheel.
The result: A mounting level of frustration, stress, anger and hostility that causes illness, reduces productivity in the workplace, and degrades the quality of life at home.
In addition to improving the environment, encouraging your employees to use transit helps them -- and you in many ways:
- Reducing stress
- Reducing accidents
- Saving money - on fuel, maintenance, insurance, parking and taxes!
Pre-tax transit benefit programs can save you thousands of dollars in payroll taxes while helping your employees and the environment.
Sample employee savings with pre-tax transit benefits
|Monthly commuter expenses||$255|
|Monthly costs without pre-tax deduction||$255|
|Monthly costs with pre-tax deduction||$155|
|Employees could net annual savings||$1200*|
|*Annual savings based on 2015 Federal, NY State and FICA tax rates for a single taxpayer. Actual savings may vary. Consult your tax advisor.|
Sample employer payroll tax savings with pre-tax transit benefits
|Number of employees||250|
|% employees using mass transit||15%|
|Company’s annual payroll tax savings||$8,778*|
|*Calculation assumes all employees utilizing maximum pre-tax deductions allowed for transit benefits, $255/month for transit, and earn less than $118,500 annually and therefore subject to 7.65% FICA taxes. Actual savings may vary. Consult your tax advisor.|
Good for you. Good for the environment.
Since the TRANSIT SOLUTIONS program began, the following employers on Long Island are just a few of the companies that have implemented the pre-tax commuter benefit program.