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FSA Savings Calculator

A Flexible Spending Account (FSA) is one of the most versatile yet underused benefits offered today. Individuals with an FSA can pay for eligible healthcare expenses with pre-tax dollars.

If you have an FSA, Kremer’s simple FSA Savings Calculator will calculate how this benefit can help you afford LASIK. Enter your income, tax filing status, and your FSA contribution amount below to see how a flexible spending program can save you on the cost of your procedure.

Household Income:
(Annual Gross)
$
Enter annual gross household income.
Filing Status:
(Select One)
FSA Contribution Amount:
$
Maximum FSA contribution amount is $2,500 in 2017.
 
With Spending AccountWithout Spending Account
Annual Income:
$50,000.00
$50,000.00
Money for LASIK put into FSA:
$4,500.00
$0.00
Taxable Income:
$45,500.00
$50,000.00
   
Estimated Federal Withholding:
$7,798.75
$8,923.75
Estimated FICA:
$3,480.75
$3,825.00
LASIK Expenses (non-FSA):
$0.00
$4,500.00
Net Income:
$34,220.50
$32,751.25
Your tax savings will be approximately:
$1,469.25
That's a savings of 33%!


*Actual FSA savings will vary based on your individual tax situation.

Please be advised that these projections are only estimates of tax information and should not be assumed to be tax advice. Be sure to consult a tax advisor to determine the appropriate tax advice for your situation. Please contact your employer's benefits representative if you have questions concerning how your employer's plan offering works, or with questions regarding whether specific types of expenses are covered under it. Carefully plan for expenses as any unused funds will be forfeited following the end of your plan year.

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