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Section 125 Flexible Spending Account Plan Client Setup & Document Checklist Submit your forms to BASIC NEO in one of three ways: BASIC NEO 525 N. ClevelandMassillon Rd. Suite 204 Akron, Ohio 443331.
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What is section 125 flexible spending?
Section 125 flexible spending is a tax-saving benefit plan that allows employees to set aside pre-tax dollars from their paycheck to pay for eligible medical expenses.
Who is required to file section 125 flexible spending?
Employers are required to offer the section 125 flexible spending plan to their employees, but participation is voluntary for employees.
How to fill out section 125 flexible spending?
Employees must enroll in the section 125 flexible spending plan during their employer's open enrollment period by completing the necessary forms and electing the amount to contribute.
What is the purpose of section 125 flexible spending?
The purpose of section 125 flexible spending is to help employees save money by reducing their taxable income through contributions to pay for eligible healthcare expenses.
What information must be reported on section 125 flexible spending?
Employees need to report the amount they want to contribute to their section 125 flexible spending account for the plan year.
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