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

Personnel Management: Meaning & Fuctions

What is Personnel Management? Personnel management is the process of managing a company’s employees, which includes hiring, training, and compensating them for their time and

API (Application Programming Interface)

What is API (Application Programming Interface) ? Technically, an API or ‘Application Programming Interface’ is defined as a specification of possible interactions with a software

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