Flexible Spending Accounts (FSA)

What is Flexible Spending Accounts (FSA) ?

‘Flexible Spending Accounts’ or FSAs are the kinds of salary accounts in the USA, wherein, an employee can set aside a part of their income for any kind of predefined qualified expenses.

As the deductions are applied to the gross income, it is also tax-efficient. However, whatever amount not used up by the end of the year is forfeited, which is a disadvantage to the employee.

Hence, employees generally plan beforehand and enroll for FSA knowing that there might be some expenditure in the coming months. It helps them save taxes as well as have the extra money when in need.

More HR Terms

Business Continuity Planning

What is Business Continuity Planning?   ‘Business Continuity Planning’ is the planning of a company to tackle any kind of changes due to which the

Flexible Work Arrangements

What is Flexible Work Arrangements?   ‘Flexible Work Arrangements’ refers to the unorthodox arrangements a company makes with its employee to take into consideration their

Contact Us

Contact Us

We use cookies on our website to provide you with the best experience.
Take a look at our ‘privacy policy’