Section 125 Deductions Sample Clauses
The Section 125 Deductions clause outlines the process by which an employer can withhold certain amounts from an employee’s paycheck for benefits offered under a Section 125 cafeteria plan. This typically includes pre-tax deductions for health insurance premiums, flexible spending accounts, or dependent care assistance. By specifying these deductions, the clause ensures that both employer and employee understand which benefits are eligible for pre-tax treatment, thereby maximizing tax savings and ensuring compliance with IRS regulations.
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Section 125 Deductions. For members participating in the District Health Insurance program, flexible spending and/or dependent care accounts through the Section 125 Plan, deductions will be made through payroll.
Section 125 Deductions. 1. Employee contributions toward medical insurance coverage can be excluded from taxable income, maintained by the District under Section 125 of the Internal Revenue Code of 1986, and the regulations issue there under as from time to time are amended, supplemented, and superseded by laws of similar effect.
2. At the time of employment, employees may elect to take advantage of Section 125.
Section 125 Deductions. The Board shall establish a Section 125 program for health and dependent care, as permitted by the IRS, into which teachers may voluntarily enroll. The Board shall maintain this program so long as at least five (5) teachers are enrolled in the program at all times. The Board shall be responsible for the initial setup fee to begin the program and the annual program fee to continue the program. The teachers who enroll shall be responsible for any and all other fees, including monthly fees.