PRE-TAX PAYROLL DEDUCTION
Many companies on the Medical Campus offer their employees IRS Commuter Benefit Programs. The IRS allows employees to deduct the cost of a monthly transit pass, carpool pass or parking pass from their paycheck using pre-tax dollars.
Pre-tax payroll deduction lowers the amount of taxes taken out of an employee’s paycheck, which means the actual cost of a monthly parking or transit pass gets reduced by up to 30%. It is an IRS program, so they won’t be asking for the money back at the end of the year either!
When you sign up for a Bundle, we’ll contact your company to see if they offer this benefit. If they do, we’ll help enroll you in it – and if they don’t, we will work with them to start offering it.
How does it work?
An employee signs of for pre-tax payroll deduction through their employer.
Once a month, the total cost of a monthly transit pass ($75) or parking pass ($99) is deducted from the employee’s paycheck. Many companies on the Medical Campus also will pay for the pass, or contribute to the cost of the pass as an employee benefit).
The deduction from an employee’s paycheck will lower their taxable income by the amount deducted (lowered by $75 if purchasing a transit pass). Therefore, if an employee’s paycheck was for $1,000, only $925 would now be subjected to taxes.
The employee saves by having fewer taxes taken out of their paycheck. For instance, if the employee’s tax rate (the percentage of your paycheck that goes towards taxes) is 25%, the employee would pay roughly $20 less in taxes every month. This means that the actual cost of their transit or parking pass is $20 less than if they purchased the pass on their own.
PARK IN CONVENIENT “CARPOOL ONLY” SPACES
If you’re signed up for a Carpool Bundle, we’ll give you a special Carpool Parking Tag that lets you park in convenient “carpool only” spaces in the lot or garage.
GUARANTEED RIDE HOME PROGRAM
What if I carpool and the driver has to leave work early? What if my child is sick at school or I have to stay at work late? What if I don’t have my car with me and an emergency occurs? Won’t I be stranded? Well, no. Our GRH Program provides you with a voucher for a free taxi ride to wherever you need to be when the unexpected occurs.
Once you sign up for a GO BNMC Bundle, we will give you a free taxi-ride voucher. You hold on to the voucher and use it when an emergency occurs. Just call the taxi company, get picked up, hand the voucher to the driver and take off to your destination. It’s our way to provide you with peace of mind, and to say ‘”thank you” for choosing a greener commuting option.
2 FREE CAR PARKING VALIDATIONS PER MONTH
Sometimes you just have to drive. Once you sign up for a GO BNMC Bundle, you’ll be put on a list that lets you park at 854 Ellicott St. or 589 Ellicott St. for free twice per month.
FREE MEMBERSHIP TO GO BNMC
Any employee who works on the Buffalo Niagara Medical Campus can become a member of GO BNMC for free by signing up for the membership or for a GO BNMC Bundle.
Members receive access to all of the programs that GO BNMC offers, and receive monthly updates about the transportation initiatives taking place on the Buffalo Niagara Medical Campus and within surrounding neighborhoods.
GO BNMC also holds and annual membership appreciation party. Only GO BNMC members are invited to the party, which features live music, free food and drinks, games and more. The location of the party varies.