Is parking at work ever tax-free?
(Revised November 2012)
If you drive downtown to work, you may be able to get the
cost of your parking reimbursed by your employer - tax-free. For
2012 and 2013, employers can offer most employees the option of up to $250 a
month in tax-free parking benefits or taking the money as taxable
salary. If the employee chooses the tax-free parking, he/she will also
save on Social Security and Medicare taxes and, similarly, the employer
will also save since the benefit is exempt from payroll taxes.
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