Prime Benefit Solutions can provide you with options for various ancillary products related to tax savings plans. Here are several options for consideration:
Cafeteria 125 Plans
Cafeteria 125 Plans are employer-sponsored benefit programs that allow employees to use pre-tax dollars for eligible expenses, reducing taxable income and providing significant tax savings. These plans not only help employees manage healthcare and dependent care costs but also enable employers to control benefit expenses while attracting and retaining top talent.
Key Benefits:
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Pre-tax savings – Employees can allocate pre-tax income toward medical expenses, dependent care, and insurance premiums.
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Reduced taxable income – Lowering taxable income benefits employees with a 2-4% pay increase Flexible benefit options – Employees can choose from a range of benefits that best suit their needs.
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Employer cost savings – Employers benefit from reduced payroll taxes while offering competitive benefits with a $573-$1000 tax credit per employee per year for the employers.
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Executive carve-out programs – Specialized bonus programs can be designed for key employees’ medical needs.
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Additional Savings in California – California law permits program costs to be factored into payroll deductions, reducing workers' compensation expenses by up to 25%.
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Providing these tax-advantaged programs enhances financial stability for employees and strengthens an organization’s ability to attract and retain top talent.
Fringe Benefits for Government Contractors
Government contractors must meet fringe rate obligations, and many pay these dollars in cash —an expensive approach that increases costs and reduces competitiveness. Offering benefits instead lowers payroll expenses and workers' comp rates, making contractors more competitive in bidding.
Key Benefits:
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Lower Labor Costs: Reduces expenses on existing contracts.
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Maximized Profit Margins: Critical for tight-bid projects.
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Stronger Bids: In LPTA contracts, even small payroll savings can be the difference between winning and losing.
Optimizing fringe benefits enhances financial performance and improves contract success rates.
Executive Medical Carve Out Bonus Programs
We offer targeted benefit solutions that employers can provide to specific employee classes to improve retention and reduce turnover risks. Deliver the right benefits to the right people by leveraging unique supplemental plans.
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