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Tax Savings Calculator

Dependent Care Spending Account or Child Care Tax Credit

Welcome to the benefitexpress calculator. To determine your estimated tax savings, follow the steps listed below.

Step 1

Enter the annual amount you expect to pay in cash for services in each of the categories. These are expenses you expect to occur next year.

Step 2

Enter the Estimated Effective Tax Rate that applies based on your earnings.

To estimate your Effective Tax Rate:
  • Add together your Federal Income Tax Withholding + State Income Tax Withholding + FICA (Social Security) Withholding for the current period.
  • Divide the total of these taxes by your Gross Earnings (Wages) for the current period.
  • Multiply the result by 100 to obtain your Effective Tax Rate as a percentage.
Example: (449.48 + 83.08 + 171.69) / 2769.23 x 100 = 25% tax bracket.

To determine your exact tax savings, it would be necessary to know your Marginal Tax Bracket which would require you to consult your tax advisor.

If you do not have a pay stub readily available, you can use the default Effective Tax Rate of 28% to get a rough idea of the tax savings.

Step 3

The system will calculate your estimated annual savings and display the results.

Step 4

Change the number of Pay Periods in Plan Year to match the number of paychecks you will receive. If you are paid:
  • Monthly - enter 12
  • Bi-Weekly - enter 26
  • Semi-Monthly - enter 24
  • Weekly - enter 52
The system will recalculate your Per Pay Period Savings.

Step 5

Complete the calculator with your expenses and % you will arrive at an accurate scenario.

1. Plan Year Expenses:

Health Care FSA
Dependent Care FSA
Transportation and/or Parking
Total: (A)              

2. Estimated Effective Tax Rate: (Consult your tax advisor to determine exact percentage)

(B) %

3. *Plan Year Tax Savings Using benefitexpress:

AxB =(C)
$ (A) of expenses would cost you: (A-C) due to the *$ (C) in tax saving received by participating in the Flex Plan.

4. Per Paycheck Tax Savings Using benefitexpress:

# of Pay Periods in Plan Year (D)
(C)/(D) = $'s Saved Per Pay Period