The cost of parking can quickly add up when commuting to work. With WageWorks, employers can reduce these expenses by up to 40 percent for employees with a pre-tax commuter parking program. The federal tax law allows employees to set aside pre-tax income up to $250 per month ($3,000 per year) to pay for qualified parking expenses. Employers save, too, by eliminating the payroll taxes they would have paid on the amount their employees set aside.
WageWorks offers a card-based account system with scheduled payments to parking facilities, deducting money automatically from paychecks. WageWorks’ parking benefits can also successfully integrate with existing benefits and payroll management systems. Please visit WageWorks’ website at www.wageworks.com for more detailed information.
Colonial Parking® customers will be able to choose from a wide array of facilities in the greater Washington, DC area to park when taking advantage of this program.
Please contact your employer’s benefits administrator for more information.