Flexible Benefit Plan Tax Savings Estimator

To compute your savings for 2002 using the Flexible Benefit Plan, follow the steps in the table below.
You only need to enter the data in the boldface fields. The JavaScript program will perform the computations

This program is for illustrative purposes only.
Computing your actual income tax may be more complicated than this !
Lidke & Associates is not responsible for the use of this program !

Step 1 Federal Withholding Tax Savings
  Select your filing status:
1. Enter your gross income
2. Enter your Flex plan deductions
(premiums, child/dependent care, medical expenses)
3. Subtract Line 2 from Line 1:
4. Check Here for the standard deduction,
or enter your Itemized Deduction
5. Subtract Line 4 from Line 3:
6. Enter your number of exemptions:
Multiply the number of exemptions by $3,800.
7. Subtract Line 6 from Line 5.
8. This is your tax, from 2001 Tax Rate Schedules
9. This is your Federal tax savings due to the Flex Plan Deductions  
Step 2 Social Security, FICA & Medicare Savings
10. This is your Social Security,FICA, Medicare Savings
(if line 7 is greater than $84,900 Social Security savings will be 0)		  
Social Security Retirement Plan Percentage
(Example: PERA is 8%)
Step 3 State Withholding Tax Savings
11. Enter State Withholding Tax Percent
(Colorado is 4.7%)
12. This is your State Tax Withholding Savings  
13. Total Estimated Flex Plan Savings per year  
14. Total Estimated Flex Plan Savings per month  
15. Number of Pay period per year
16. Total Estimated Flex Plan Savings per pay period