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Dependent Care Reimbursement Accounts The Dependent Care Reimbursement Account allows plan participants to use salary reductions for child care and dependent care expenses on a pre-tax basis.
About Dependent Care Reimbursement Accounts: • The dependent must be under the age of 13 or physically or mentally incapable of self care • The care cannot be provided by a spouse or dependent • Employees save on Federal and State Income Tax, along with FICA and Medicare taxes (approximately 30%) • Employers save on FICA and Medicare taxes (7.65%) • IRS non-discrimination rules apply • Need to have a written plan document, distribute a summary plan description and in some cases annually file a Form 5500
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Accounting
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