Can I deduct this like my 401 K contribution and where do I enter it on my 1040 if it is a deduction?
2007-01-26 02:59:41 · 2 answers · asked by Pam C 1 in Business & Finance ➔ Personal Finance
Cafe 125 = Employee' Cafeteria Plan Accout
First, you will benefit by a reduction in Federal, FICA, Social Security, Medicare (and in some cases state) taxes. Second, the money that is deposited into your Employees’ Cafeteria Plan Account comes straight out of your gross pay, therefore avoiding taxes. This account can be used to pay a myriad of health and other expenses you may incur.
http://www.125cafe.com/
2007-01-26 03:10:51 · answer #1 · answered by Angie P. 6 · 1⤊ 0⤋
That amount is probably still included in your gross wages. It sounds like you may have a cafeteria or cafe at work where you can buy food and have it taken from your check directly. It cannot be deducted. It was probably for food.
2007-01-26 03:06:20 · answer #2 · answered by missy_mae6 2 · 0⤊ 2⤋