Cafeteria Plans
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How do Cafeteria Plans benefit employers? How do they benefit employees?
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Solution Summary
This solution explains how cafeteria plans benefit employers and employees. A thorough discussion is provided.
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The main benefit of a Cafeteria Plan for an employer is the tax savings that results. A Cafeteria Plan is most commonly called a Section 125 plan. When an employer starts a 125 plan, the employees can contribute a certain percentage of their pay pre-tax. Because it comes out pre-tax, the employee's taxable income is reduced by the amount of the contribution to the 125 plan. The employee therefore sees more net pay, due to ...
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