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A cafeteria plan - also known as a Section 125 plan, after the portion of the IRS code that regulates the plans - lets employees redirect part of their salaries and wages to pay for certain benefits.
A cafeteria plan or cafeteria system is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. [1] Its name comes from the earliest versions of such plans, which allowed employees to choose between different types of benefits, similar to the ability of a customer to choose among available items in a cafeteria.
Patient Protection and Affordable Care Act amended Section 125 [7] such that FSAs may not allow employees to choose an annual election in excess of a limit determined by the Internal Revenue Service. [8] The annual limit was $2,500 for the first plan year beginning after December 31, 2012. [9]
Section 125 excludes cafeteria plans, including health flexible savings account plans. [23] Section 127 excludes qualifying educational assistance plans. [23] Section 129 excludes a qualifying dependent care assistance program, such as a dependent care flexible spending account plan. [23] Section 137 excludes a qualifying adoption assistance ...
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The Employee Retention Credit is a refundable tax credit against an employer's payroll taxes. [2] It was established as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Donald Trump, in order to help employers during the pandemic. [3]
The cafeteria is open to the public seven days a week from 7 a.m. to 7 p.m. Kaitlyn McCormick writes about trending issues and community news across South Jersey for the Courier Post, The Daily ...