FSA Calculator

Flexible Spending Account Calculator

WORKTERRA will not capture, record, nor use for its own purposes the data elements entered by you into this calculator.

The following worksheet will help you estimate your potential tax savings by signing up for a Flexible Spending Account.

What is your Annual Income?
Health Care Reimbursement Amount
Enter the amount of your medical plan deductible:
Enter the average co-insurance you pay each year and out-of-pocket medical expenses:
Enter the amount of your dental plan deductible and out-of-pocket expenses:
Enter the amount you pay for eyeglasses, contact lenses, contact lens solution, and vision exams each year:
Enter the amount you pay for orthodontia expenses each year:
Enter the amount you spend on prescription drugs each year, not covered by insurance:
Enter any additional yearly eligible expenses for which you might pay:
Dependent Care Reimbursement Account

Enter the amount of day care you normally pay annually:

Annual Medical Contribution

Note: The current maximum amount allowed under IRS guidelines is $2650.

Annual Dependent Care Contribution

Note: Amounts for children under the age of 13, or other dependents (spouse or similar member) living in your home who require daycare or adult day care. These could include Daycare Center, Babysitter and/or Nanny. The current maximum amount allowed under IRS guidelines is $5000.

 
With Spending Account
Without Spending Account
Annual Income
Estimated Health Care Expenses:
Estimated Dependent Care Expenses:
Taxable Income:
Net Pay:
*Assumes 15% federal income tax, 5% state income tax and 7.65% Social Security tax.
By using a Flexible Spending Account your tax savings will be approximately:
By using a Dependent Care Spending Account your tax savings will be approximately:
For most individuals, the tax savings from using a Health Care Reimbursement Account will significantly exceed the tax credit allowed if you claimed these expenses on your income tax form. Without an FSA, you can only deduct health care expanses that exceed 7.5% of your Adjusted Gross income on your income tax form. Because FSAs are tax free from the first dollar you do not have to meet the 7.5% minimum in order to receive the tax advantage.