176 Granite Street

Quincy, MA 02169

617-657-0057

info@granitepayroll.com
   
Granite Section 125 POP Administration plans allow you to pay for certain employee group benefits (medical & dental) with pre-tax dollars, saving you money that would normally be paid in taxes. It’s a smart savings tool that every business should utilize.  And, in Massachusetts, with the Fair Share Contribution Act, employers with 11 or more full-time equivalent (FTE) employees who do not make a “fair and reasonable contribution” to their employees’ health insurance, as defined in regulation, are required to pay a per-employee Fair Share Contribution of up to $295 annually.
   

FAIR SHARE CONTRIBUTION OVERVIEW
   
As part of that new law, employers with 11 or more employees are now required to have insurance taken on a pre-tax basis.
   
Benefits:
Tax savings for both employee and employer by lowering taxable income.
Covers out-of-pocket medical expenses.
Pays for deductibles, co-pays, prescriptions, dental expenses, vision care, etc.
Allows you to create a menu of pre-tax options including commuter, medical
  and dependent care.
   
Contact Granite Payroll to find out how we can help you comply with these new state regulation AND save money.