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Section 8 housing is a program that helps low-income people afford housing. ” Understanding what this designation means and how it affects your taxes can help you make informed decisions about your employee benefits and potentially save money. Jan 9, 2024 · A Section 125 plan is a provision of the Internal Revenue Service (IRS) law that permits employees to convert taxable benefits, like a cash salary, into nontaxable benefits. available for taxpayers who have to repay more. Dependent care assistance. chapey west islip The only important Box 14 Sec 125/ IRC 125 "dropdown" is if you work for the government of New York City. When reviewing your W-2 form, you may notice a mysterious entry labeled “Cafeteria 125” or “Caf 125. The UPPER-CASE (capital) letters in box 12 report different things to the IRS. Health Savings Account (HSA) contributions. For example, if you earn $60,000 a year, but you receive $5,000 per year in Section 125 cafeteria benefits, you pay taxes on only $55,000 annually. blackstone grill fairfield ct When reviewing your W-2 form, you may notice a mysterious entry labeled “Cafeteria 125” or “Caf 125. After scrapping a regressive 19th century law that criminalised homosexuality, India has joined the ran. Cafe 125 is the IRS code for section 125, which covers tax-free cafeteria plans that let employees set aside pre-tax income for certain benefits. A Section 125 Plan allows you (U citizen staff) to pay your share of the premium for insurance benefits with pre-tax dollars. A Cafeteria Plan lets employees receive certain tax benefits. Apr 17, 2024 · When you get your W-2, Cafe 125 shows how much you've contributed to your cafeteria plan. bos in lenoir nc What you will see on your W-2 is a reduction in your gross wages because the cafeteria plan lowered your salary. ….

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