EBIA Allows Public Access to Employee Benefits Tax Savings Calculator

EBIA is now allowing free access to their powerful tax savings calculator. This calculator shows employees how much money they will save in federal taxes by making pre-tax contributions to their benefit plans.

Seattle, WA (PRWEB) July 23, 2004 -- Employee Benefits Institute of America Inc. (EBIA). EBIA is now allowing free access to their powerful tax savings calculator. This calculator shows employees how much money they will save in federal taxes by making pre-tax contributions to their benefit plans. And for employees with dependent care expenses, the calculator also shows the relative tax benefits from participating in an employer-sponsored dependent care assistance plan (DCAP) versus claiming the dependent care tax credit (DCTC).

Hundreds of attorney and programmer hours were spent developing EBIA's comprehensive, easy-to-use calculator that takes into account several factors often overlooked. To try out the calculator, simply visit: http://www.ebia.com/publications/calculator.html

“You’d be hard-pressed to find a better benefits tax savings calculator,” says Thomas McCormick, EBIA founder and chairman.

Among various factors, EBIA’s calculator accounts for:

* Filing status, exemptions, standard deduction vs. itemized
* Employee’s wages, spouse’s wages, other income and adjustments, and spouse’s deemed income credit for DCAP/DCTC purposes
* Eligibility for the earned income credit (EIC), including how some employees can increase their earned income credit by making salary reductions
* The differing impact on FICA savings produced by salary reductions versus 401(k) or 403(b) salary deferrals
* The number of qualifying dependents for DCAP/DCTC purposes, and the number of qualifying children for child tax credit (CTC) and EIC purposes
* How salary reductions can delay the point where the CTC and exemptions corridors kick in for higher-income taxpayers

Thousands of professionals rely on EBIA publications and seminars on Cafeteria Plans, 401(k) Plans, COBRA, HIPAA, ERISA, Group Health Plan Mandates, and Consumer-Driven Health Care & Fringe Benefits.

For more information about the tax savings calculator, visit EBIA online at www.ebia.com or call (206) 546-6810.

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