Friday, 24 May 2013

Commuter Savings Calculator

Enter the amount you spend on the following:
Public transportation (bus, train, ferry, subway, streetcar)  per month
Vanpool  per month
Parking  per month
Total  per month
Enter federal, state & local taxes:  %
Tax (includes Medicare):  %
Estimated Tax Savings:
You save $  per month
You save $  per year


Important:
    Only expenses for the individual participating in the Commuter/Transit reimbursement program are eligible. Expenses for your dependents, and your spouse are not eligible.

    Only parking expenses that are incurred as a result of parking at or near your place of work or at or near where you take public transportation are eligible.

    The maximum amounts you can set aside, per IRS guidelines, are $245 per month for mass transit expenses and $245 per month for parking expenses.