Employer Benefits |
||
| without SBP | with SBP | |
| Annual Payroll | $250,000 | $250,000 |
| Less Employee Contributions | $0 | $16,000 |
| Taxable Payroll | $250,000 | $234,000 |
| Estimated FICA & Work Comp Costs | $25,000 | $23,400 |
| Potential Savings | $0 | $1,600 |
| Employers savings are approximate. The actual amount may vary depending on the employees' benefit and HSA contributions and Workers' Compensation rates. | ||
Employee Benefits |
||
| without SBP | with SBP | |
| Employee Income | $40,000 | $40,000 |
| Less Health Premium (pre-tax) | $0 | $2,400 |
| Taxable Payroll | $40,000 | $37,600 |
| Estimated Federal, State, Social Security | $10,800 | $10,152 |
| Income after Taxes | $29,200 | $27,448 |
| Less Health Premium (post-tax) | $2,400 | $0 |
| Take Home Pay | $26,800 | $27,448 |
| Increase in Take Home Pay | $0 | $648 |
| Tax reduction savings are approximate. The actual amount may vary depending on the employee's specific tax requirements, including contributions to an HSA are taxable income in California. | ||
The Shared Benefits Plan™ can save employers and employees hundreds, even thousands of dollars a year! By implementing the Shared Benefits Plan™, you are reducing every participant's out-of-pocket costs. Best of all, it doesn't cost employees anything to participate.
Call 888.294.0651, use the Shared Benefits Plan™ forms provided below or visit www.bancover.com. The plan is only $150 per year, which includes an annual review of plan documents to ensure they remain current with legislative requirements.
A $50 annual commission is available to the referring broker or it may be waived to reduce the annual fee. Not only that, the Share Benefit Plan™ is free for the first year for any Beere&Purves client (commission is not available when the plan is free). See BrokerPicks for more information.
