Employers that extend commuter and parking benefits to their workforce can save up to 7.65% on their payroll taxes, and employees that tap into the pre-tax transportation offerings can potentially save more than $1,300 each year.
It doesn’t just stop at saving you and your employees money, either; these programs give employers a leg up in:
- Recruiting and retaining talent
- Building a well-rounded workforce with a broader reach
- Promoting environmental responsibility through shared and public transportation
- Demonstrating a strong commitment to work-life balance
Governed under Section 132(f) of the U.S. federal tax code, qualified expenses include parking and work-related transportation (trains, buses, bikes, subways, ferries, and vanpools).