Bf Tax Flex Benefits Ups (2024)

FAQs

Is Flex taxable? ›

A Flexible Spending Account (FSA, also called a “flexible spending arrangement”) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside.

Full-time delivery drivers earn an average total compensation package of $145,000 per year, which includes $0 healthcare premiums, up to seven weeks of paid vacation, plus an average of 18 days off for holidays, sick leave and option days.

A Flex Plan uses pre-tax dollars to pay for otherwise after-tax expenses that you will incur. By participating in a Flex Plan, your pre-tax deductions reduce the amount of taxable compensation and, consequently, the taxes you pay. Your take-home pay increases as a result!

Participating in the TeamCare Health Plan

If you're a new hire, enjoying all the benefits of TeamCare is easy.

A benefit program that offers employees a choice between various benefits including cash, life insurance, health insurance, vacations, retirement plans, and child care.

An arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices.

Full-time workers will average $49 an hour. Current workers will get $2.75 more an hour this year and $7.50 an hour more over the five-year contract. UPS drivers will average $170,000 in pay and benefits at the end of the five-year deal, said CEO Carol Tomé on an earnings call earlier this month.

U.S. Pension Benefits

In the U.S. we maintain the following single-employer defined benefit pension plans: UPS Retirement Plan, UPS Pension Plan, UPS IBT Pension Plan and the UPS Excess Coordinating Benefit Plan, a non-qualified plan.

Flex dollars are usually either an electronic currency or a portion of an employee's wage structure. Flex money accounts typically work on a declining balance system similar to a debit card. An individual using the flex dollar account decides how to spend funds; whenever funds are spent, it reduces the account balance.

What does flex mean on my W2? ›

A Flex Plan functions much like a personal expense account. You set aside money from each pay check PRE-TAX to pay for eligible expenses. This reduces the amount you pay in FICA, Medicare, other payroll taxes, and increases your take home pay!

These expenses can be incurred by the participant, their spouse or their eligible IRC Section 152 Dependents. Eligible expenses include deductibles, co-pays, vision, dental and prescriptions as well as any other medically necessary items that are not covered by insurance.

If you have 10 or more Years of Vesting Service, you may be eligible for a Deferred Vested Pension starting as early as age 57, actuarially reduced for early retirement, as explained on page 18 of the Summary Plan Description.

It's a good idea to use UPS insurance when shipping something valuable or important to you. If you're sending an item valued at more than $100, it's worth considering UPS insurance. While you'll pay a little extra to insure your valuable item, the coverage is worth it for the peace of mind.

The UPS SmartSavings Marketplace is an employee discount portal where UPS employees can find additional savings on many products and services, including cell phone plans, entertainment, vacations, and even auto insurance.

If I participated in a Health Care FSA, do I need to report anything on my personal income tax return at the end of the year? No. There are no reporting requirements for Health Care FSAs on your income tax return.

Amounts contributed are not subject to federal income tax, Social Security tax or Medicare tax. If the plan allows, the employer may also contribute to an employee's FSA. Throughout the year, employees can use FSA funds for qualified medical expenses not covered by their health plan.

Businesses may report income from employee flexible spending accounts (FSAs) in a few ways, or not at all, on a W2 form. The Internal Revenue Service does not require employers to report health flexible spending accounts on an employee's W2 form. There is an exception to the rule.

Like an HSA, FSA contributions are exempt from federal and FICA taxes. They're exempt in all states, too, including California. Reimbursem*nts are also tax-free. Unlike an HSA, you cannot deduct FSA contributions, and you don't need to report them on your taxes.