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Example of FSA Savings

The following chart illustrates the potential savings you may realize by participating in a Medical and Dependent Care FSA:

 

Participating in FSA

Not Participating in FSA

Annual salary before taxes

$24,000

$24,000

Contribution to Medical FSA

($1,500)

$0

Contribution to Dependent Care FSA

($4,000)

$0

Taxable Income

$18,500

$24,000

Estimated taxes

($4,625)

($6,000)

Net Bring Home Pay

$13,875

$18,000

Health Care Costs

 $1,500 in health care expenses
covered by the FSA

($1,500)

Dependent Care Costs

$4,000 in dependent care expenses covered by the FSA

($4,000)

Available Income

$13,875

$12,500

Total Savings

$1,375