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February 4, 1999

Parking permits now pre-tax deduction

Employees who use payroll deduction for parking fees now qualify for a pre-tax deduction, Parking and Transportation Services announced.

Commencing with January's paychecks, parking fees will be deducted automatically before taxes are calculated, in compliance with an amendment to the Internal Revenue Service Code.

The amount of tax savings varies according to tax bracket. According to Parking and Transportation calculations, an individual in the 22.65 percent tax bracket who pays $65 per month for parking will save about $175 per year. Someone in the 41.05 percent bracket paying $65 per month will save approximately $320 per year.

The pre-tax deduction will not affect any other benefit calculations applied to salaries. For more information, contact the Payroll department at 624-8070.

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