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Commuter Option Benefits
Our region's economic productivity and quality of life are severely threatened unless we find new approaches to personal and work transportation.
Did you know?
Did you know?
- An employee's commute is perceived as an extension of his or her job experience.
- Commuting affects job satisfaction, morale, and productivity.
- Job options are increasingly restricted for workers who cannot drive to jobs.
- Significant numbers of commuters would consider quitting jobs or moving to avoid worsening congestion
Transportation may not be your business, but it affects your business and your community. Transportation costs, traffic congestion, and other commuting issues can significantly impact the well-being of your work-force, your business, or your residents. Some of these issues translate into direct, hard-dollar costs, while others present less tangible, but still very real, costs to your business.
Did you know employer-subsidized commuting benefits can be excluded from your state and federal tax returns?
Benefits for carpooling, vanpooling and mass transit can be excluded from your gross income, as long as they are provided in addition to your regular compensation. Cash received for commuting benefits is also excludable, provided you can show the money was used for an alternate means of commuting i.e., receipts or ticket stubs.
On state returns in New Jersey, the maximum excludable amount is $1,200. If the benefits you receive exceed this amount, the excess is taxable and must be included in your gross income. The taxable benefits are included in the State Wages figure on your W-2, while the nontaxable benefits are not. See pages 25 of the 2002 Form NJ-1040 instruction booklet for additional information.
On state returns in New Jersey, the maximum excludable amount is $1,200. If the benefits you receive exceed this amount, the excess is taxable and must be included in your gross income. The taxable benefits are included in the State Wages figure on your W-2, while the nontaxable benefits are not. See pages 25 of the 2002 Form NJ-1040 instruction booklet for additional information.
Benefits that can be excluded from your federal return include vanpool subsidies, transit passes and qualified parking subsidies. The maximum excludable amounts are $100/month for vanpools, $100/month for transit tickets, and $185 for parking at or near an employerís place of business. Any excess is taxable and must be included in your gross income. See page 6 of IRS Publication 525, Taxable and Non-taxable Income for more information.
Providing commuter benefits or community transportation benefits is the solution for managing the impacts of commuting. By offering commuter benefits or community transportation benefits, you have a unique opportunity to influence your employees' travel choices, make your employees' lives easier, and produce significant benefits for your company or community. Commuter or community transportation benefits are more than a nice thing to do for your employees, they are critical to the business climate and quality of life for our region, and they can give you distinct business advantages.
TransOptions makes it easy for you to offer transportation options to your employees. We can provide education, training, coordination, and support for your staff. To determine which commuter benefits can help your company overcome its commuting issues, contact TransOptions.
Please call us at 973-267-7600 for more information.
TransOptions makes it easy for you to offer transportation options to your employees. We can provide education, training, coordination, and support for your staff. To determine which commuter benefits can help your company overcome its commuting issues, contact TransOptions.
Please call us at 973-267-7600 for more information.
