I have about $5000 listed in box 14, under code S125. Not listed anywhere on W-2, but it is on taxpayer's last pay stub. How Much Will My Payroll Check Be After Taxes? How to: Determine Taxable Wages Section 125 plans provide a simple and effective way to add employee benefits, especially for businesses with a number of employees who regularly have medical and childcare expenses. Understanding Your Paycheck. ... your W-2 Wage and Tax Statement itemizes your total annual wages and the amount of taxes withheld from your paycheck. Cafeteria Plans Cafeteria plans are employee-benefit programs, such as a flexible spending account, that allow employees to pay qualified expenses using pre-tax dollars. Payroll is likely to be involved to some extent with regard to the funding of Section 125 plans. What is it?. While performing payroll tasks, your payroll staff uses abbreviations, which are convenient for pay stubs and other payroll-related documents. What Does Gross Payroll Mean? Your employer's Section 125 plan is an annual plan. What Happened to My Paycheck? by Grace Ferguson. These plans can be funded in a number of ways. What can an employer ... can an employer deduct the value of that property from the paycheck? by Steve Lander During the year, employees are reimbursed from this account for expenses such as healthcare, dental, dependent care, adoptions assistance and commuting fees. by Grace Ferguson ; Updated July 27, 2017 Excellent what does S125 mean on w-2 box 14. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. Can I deduct health insurance premiums taken from my paycheck? What Is 'Cafe 125' on a W-2 Tax Form? What Is S125 on a W-2? Income Tax Questions Ask a Free Tax Question. Section 125 Cafeteria Plan - Premium Only Plan. Can I deduct medical costs paid through my HSA or MSA? ... you will be ordered to withhold a garnishment from the employees paycheck. John Minneapolis, MN. So-called flex dollars are funded by your contributions as an employer. Laws for Pre-Tax Health Insurance Premiums; This article explains post-tax deductions from payroll. Every person who gets a S125MEECMP (Med 125) deducted from pay. Employers use Box 14 on Form W-2 to provide other information to employees. What is it? Every person who gets a Flexible Compensation Plan Section 125: ... HOW WILL THIS AFFECT MY PAYCHECK? What Payroll Deductions Are Allowed Before Calculating Social Security Tax? How to Figure a W2 Based Off Your Last Pay Stub ... What Is S125 on a W-2? A Guide to Payroll Deductions You may wonder about all the money taken out of your paycheck each week. You shouldn't need to do anything with the amount shown in Box 14 of your W-2 for S125, but you can verify the amount shown by checking your own records. What is Section 125? I am a little confused. W-2 Wage and Tax Statement Explained. Not listed anywhere on W-2, but it is on taxpayer's last pay stub. Related Articles. Save your business and employees money by offering flexible spending accounts (FSAs) and premium only plans (POPs). 125 Flexible Benefit Accounts allow employees to set aside a portion of each paycheck into an account before paying income taxes. I am assuming this is the money that I paid towards my health insurance. Are you having difficulties with your income taxes? Comment. What is it?. What Happened to My Paycheck? S125 Pre-Tax Health InsuranceSection. Can I deduct Medicare premiums? ... Virginia's Community Colleges: Decoding Paycheck Stubs; About the Author. Your last pay stub for the year includes pretax deductions in your gross wages. by Grace Ferguson . Determine Taxable Wages and Calculate Taxes Due for Unemployment Insurance, Employment Training Tax, and State Disability Insurance. What is it? S125MEECMP (Med 125) deducted from pay. A Guide to Payroll Deductions You may wonder about all the money taken out of your paycheck each week. Employer Deductions: Questions & Answers Q. Payroll Abbreviations. As an employee, your paycheck and paycheck statement should look something like the examples above. Great service. ... Why is Turbo Tax carrying this figure to my KY schedule M Federal Adjusted Gross Income Modifications Line 14.