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Hello friends
We are hiring.....
Strategy& vs. EY-Parthenon vs LEK? Pros and cons
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Barclays global service center I looking for a job a Cash application and Invoice processing. I have total 4 years of experience and currently serving notice period 25th Dec is last working day.. Could anyone please consider my me for the open position..Tata Consultancy ZS Associates EY India Capgemini Barclays global service center Barclays KPMG India
Pretty sure everyone knows I’m stoned rn
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They only come in for the snacks
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Yes (we’ve used it for a few years now). Yes (it is absolutely worth a few minutes to save like $1k in taxes). Yes (you set an annual contribution number with a max of $5k).
Unless you made over $120k last year. Then the limit is only $2500
KPMG - that’s firm-specific. My wife’s employer fails non-discrimination testing (ie HCEs participate at a much higher rate than non-HCEs) so is capped at ~$2,600. BCG doesn’t typically fail, so I can put away the whole $5k.
Yes, it’s worth it. Our marginal tax rate is 35 + 4.95 + 2.35 = 42.3%. That’s >$2k savings. And it reduces taxable income which helps us on a few phase outs for other deductions/credits.
If you have 2+ kids, you can also claim an additional $1,000 (total $6k) at tax time, which gets you a 20% = $200 credit.
Note: you can only use these on above-the-table childcare payments (daycare or nanny who pays taxes) which you need so both spouses can work
Awesome, thanks for the info everyone. A couple of other questions:
1. When you set the annual contribution amount, does it automatically stop once you’ve hit $5K? For instance, if I set the monthly contributions to hit $5K in 9 months, versus over the course of the year, do contributions automatically stop after 9 months?
2. If you pre-pay your day care, do you have to save the receipt when withdrawing your FSA contributions at a later time? (Ex: pre-pay 6 months of day care, but don’t pull the FSA contributions until at the end of the calendar year)
1. Yes
2. Eligibility is based on service date (ie expense have to be during plan year). Typically you can submit the whole thing and they’ll trickle the reimbursement to you as your contributions roll in. Unlike health FSA, you don’t get an advance on future committed contributions.
Thanks again everyone for the info! Extremely helpful