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Public Employee Press
You can save taxes on
every subway ride Union
members can save as much as $200 a year in taxes by signing up for the city TransitBenefit
Program, which offers eligible employees the opportunity to use pre-tax earnings
to pay for some public transportation costs.
A new tax law, IRC Section
132, lets members purchase their TransitChek MetroCard with pre-tax payroll deductions.
You pay no federal, state, city, Social Security or Medicare taxes on these payments
for the card.
In the TransitBenefit Premium Card Program, you receive a
MetroCard that can be used for a continuous 12-month period for unlimited rides
on subways and local buses, 24 hours a day, every day of the year.
The
Premium Card costs $76 a month, divided among your paychecks. Members who are
paid bi-weekly will have $35.08 deducted, for example. You can sign up at any
time by submitting an enrollment form to your agencys TransitBenefit Coordinator.
Get the form from the Office of Payroll Administration at 212-669-8555.
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