Section 125 Medical Expense and Dependent Care Expense Accounts –
A health care FSA is used to reimburse out-of-pocket medical expenses incurred by you and your dependents. A dependent care FSA is used to reimburse expenses related to care of eligible dependents while you and your spouse work. Contributions to your FSA come out of your paycheck before any taxes are taken out. This means that you don’t pay federal income tax, Social Security taxes, and state and local income taxes on the portion of your paycheck you contribute to your FSA. The maximum that you can contribute to the Health Care Flexible Spending account is $2,500. The maximum that you can contribute to the Dependent Care Flexible Spending Account is $5,000 if you are a single employee or married filing jointly, or $2,500 if you are married and filing separately. Click here
to view Ave Maria Summary for Plan Year 2014.