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Pre-tax deductions also lower your state and federal unemployment dues. Post-tax deductions, on the other hand, are payroll deductions taken from an employee’s check after taxes have already...
When you make contributions to a pre-tax plan such as a traditional 401(k) or 403(b) plan, that portion of your paycheck isn’t subject to income tax withholding.
Pre-tax deductions are deductions that are taken out of an employee's gross pay amount before it is subject to tax. [7] and could include health, dental, or life insurance, deductions for certain retirement accounts , or deductions for FSA or HSA accounts.
If offered as a pretax benefit, employees save on their federal payroll taxes because the amount designated by the employee is deducted from their gross income, and employers save because they are not required to pay payroll taxes on such deducted amount.
In the United States tax law, an above-the-line deduction is a deduction that the Internal Revenue Service allows a taxpayer to subtract from his or her gross income in arriving at "adjusted gross income" for the taxable year. These deductions are set forth in Internal Revenue Code Section 62.
Understanding Pre-Tax vs. Post-Tax Deductions. Pre-tax deductions are when your employer pulls money out of your check before the IRS gets its claws on its share of your income.
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