There are two types of FSAs, dependent care accounts and health care accounts. All employees with qualified dependents may elect to enroll in a dependent care FSA, including most temporary employees.
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The maximum annual contribution to a dependent care FSA is $5,000 a year ($2,500 if married but filing separately). The maximum annual contribution to a health care FSA is $2,550 a year.
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Contributions are not subject to either income or employment taxes. Participation in FSAs reduces your taxable wage base for calculation of Social Security benefits although not for civil service retirement benefits.
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