cafeteria plan (redirected fromSection 125 Plans) Medical Financial cafeter′ia plan` n. a fringe-benefit plan under which employees may choose from among various benefits those that best fit their needs up to a specified dollar value.
Cafeteria plans must also establish a limit for the size of contributions that you can make to an FSA that is part of a cafeteria plan. If there is no limit, the FSA isn't considered part of a cafeteria plan, and all the benefits included in the plan are considered part of your taxab...
Section 125 DefinitionA section of the Internal Revenue Code that allows an employer to offer benefits to employees on a pre-tax basis.Section 125 Extended DefinitionAlso known as a cafeteria plan or flexible spending plan, a Section 125 plan is a benefits program offered by employers to give ...
A payroll deduction plan refers to a plan where an employer withholds money from an employee's paycheck for a variety of purposes, but most commonly for benefits. Payroll deduction plans may be voluntary or involuntary on the part of the employee. An involuntary payroll deduction plan involves a...
Health Care Spending Account means the Health Care Spending Account under the University Medical Center of El Paso Section 125 Cafeteria Plan, or any subsequent cafeteria plan maintained by the Employer. Sample 1Sample 2Sample 3 Based on 10 documents SaveCopy Health Care Spending Account means the ...
When establishing a Section 125 cafeteria plan, you must let your employees choose between taxable and nontaxable benefits. The qualifying benefit comes from the list of excludable (from taxes) fringe benefits as well as flexible spending accounts (FSAs). Some nontaxable fringe benefits are not al...
However, to the extent required by applicable law, voluntary amounts shall not be contributed through a salary reduction election under a cafeteria plan pursuant to section 125 of the internal revenue code, 26 USC 125. Voluntary Contribution Account means the account established and maintained by ...
It said IRC section 125, which governs cafeteria plans, allows employees to defer, tax-free, part of their salaries to purchase certain benefits. IRS states position on hybrid plan arrangements Employees eligible for both plans can defer up to 6 percent of their eligible compensation into the sa...
Make a complete list of any time-consuming record-keeping processes your business uses. Doing so will help you reap the benefits of an automated payroll. Next, create a plan of action to automate all these processes. The best solution is to migrate all your paper-based payroll to an automat...
2.the state of being well.I may be getting old, but so long as I keep my health, I'll be happy.salud ˈhealthyadjective 1.(generally) having good health.I'm rarely ill – I'm really a very healthy person;My bank balance is healthier now than it used to be.sano ...