The Metro Girls are all smiles because they are saving money on commuting and enjoying a stress-free ride to work.
Did you know that as an employee you can set aside pre-tax earnings toward commuting and save up to 40% on commuter expenses? Companies can also save on payroll taxes. Check with your HR team for commuter benefits, city requirements, rewards or reimbursements.
Commuter benefits programs help you save money while helping the environment. Whether you get work done or just enjoy the ride, everyone benefits. No hassle parking too.
Good to know:
Commuter programs are company sponsored.
Mass transit savings accounts are used by employees to allocate their pre-tax wages to pay for eligible workplace mass transit expenses.
Elections are monthly and can be changed each month based on your commuting plans, unlike annual open enrollment for other benefits such as medical insurance.
Some programs offer additional incentives or commuter expense reimbursements.
The Commuter Benefit Program is governed by the Internal Revenue Code (IRC) Section 132(f). Check for updated qualified dollar amounts for transportation fringe benefits such as pending bicycle commuting reimbursements and restrictions on mass transit, vanpools, and parking. No special tax forms are required to participate in commuter programs.
Some cities such as San Francisco, Seattle, and New York are required to have Commuter Benefits Programs due to city ordinances. For example, San Francisco companies with 20 or more employees and companies in the Bay area of 50 or more employees have mandatory programs in place. Add Washington DC and New Jersey to the list. More cities will follow.
UberPOOL or Lyft Shared rides may qualify too!
Some ways to commute are bus, ferry, trolley, bicycle, carpool, vanpool, subway and our favorite - trains. If you already participate in mass transit commuting, kudos to you.
In your current workplace or when making a job change, it is always a good to ask about employee benefits and company sponsored programs. Know what is important to you and ask during your interviews or at your current company. It never hurts to ask.
Meet you on the Metro!
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