An amount that is or may be subtracted from an employee's paycheck. They can be taken pre-tax or after tax depending on the type of deduction. Examples of deductions are 401(k), medical insurance, union dues and savings bonds. The employee must agree to have deductions withheld from their paycheck. This is different than withholding allowances or exemptions.
FYI - Flex benefit expenses can usually be filed through the end of January each year. Ask your plan administrator for your specifics. |
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