Get the free S125 Flexible Benefit Plan

This document is an enrollment form for the Eastern Kentucky University Flexible Benefit Plan for the SHORT Plan Year from July 1, 2008 to December 31, 2008. It outlines employee information, plan

How to fill out s125 flexible benefit plan

How to fill out S125 Flexible Benefit Plan

1. Step 1: Obtain the S125 Flexible Benefit Plan form from your HR department or website.
2. Step 2: Read the instructions carefully to understand the benefits offered.
3. Step 3: Fill out your personal information, including name, employee ID, and contact details.
4. Step 4: Review the available benefit options and decide which ones you want to enroll in.
5. Step 5: Indicate your elected benefits by checking the appropriate boxes.
6. Step 6: Calculate your total contribution for the selected benefits and write it down.
7. Step 7: Review your selections to ensure accuracy before submitting the form.
8. Step 8: Sign and date the form to certify your choices and submit it to HR.

Who needs S125 Flexible Benefit Plan?

1. Employees who want to take advantage of tax-saving benefits related to healthcare, dependent care, and other services.
2. Individuals looking to customize their benefits package to suit their personal and family needs.
3. Employees wanting to maximize their compensation through flexible spending options.

People Also Ask about

What is the downside of a flexible benefit plan?

For instance, a section 125 plan or cafeteria plan allows employees to pay qualified medical, dental, vision, or dependent care expenses on a pre-tax basis, which can reduce their taxable income as well as their employer's Social Security (FICA) liability, federal income, and unemployment taxes (FUTA), and state

What is a 125 flexible benefits plan?

A Section 125 plan typically lets employees use pretax money to pay for health insurance premiums for medical, dental, and vision. Other options include retirement deposits, supplemental life or disability insurance, Health Savings Accounts, and various medical or dependent care expenses.

What is S125 on my W-2?

The S125 code usually refers to contributions to a Section 125 plan or a Cafeteria Plan. These are pre-tax deductions from an employee's salary that go towards health insurance premiums, and sometimes, dependent care or other eligible expenses.

What is the 125 flexible benefits plan?

A Section 125 plan typically lets employees use pretax money to pay for health insurance premiums for medical, dental, and vision. Other options include retirement deposits, supplemental life or disability insurance, Health Savings Accounts, and various medical or dependent care expenses.

What are the disadvantages of a Section 125 plan?

Disadvantages of a flexible benefit plan Some challenges associated with choosing an FBP instead of a traditional benefits package include: It may be more expensive than a traditional benefit plan. It may require your organization to purchase new software to manage it.

For pdfFiller’s FAQs

What is S125 Flexible Benefit Plan?

The S125 Flexible Benefit Plan is a type of employee benefit plan that allows employees to use pre-tax dollars for certain qualified expenses, such as health care costs and dependent care, thereby reducing their taxable income.

Who is required to file S125 Flexible Benefit Plan?

Employers who offer a Flexible Benefit Plan under Section 125 of the Internal Revenue Code are required to file necessary documentation and disclosures to ensure compliance with IRS regulations.

How to fill out S125 Flexible Benefit Plan?

To fill out the S125 Flexible Benefit Plan, employees typically complete enrollment forms provided by their employer, indicating their choices for pre-tax benefits and submitting any required documentation to access those benefits.

What is the purpose of S125 Flexible Benefit Plan?

The purpose of the S125 Flexible Benefit Plan is to give employees a choice in how they receive certain benefits, allowing them to tailor their compensation package to better meet their personal financial needs and reduce their taxable income.

What information must be reported on S125 Flexible Benefit Plan?

The information that must be reported on the S125 Flexible Benefit Plan includes details about the types of benefits offered, employee elections, contributions, and compliance with IRS guidelines.