Total Savings
$1,779
Total Savings
Income Tax Saved
$1,320
FICA Saved
$459
Savings Rate
29.65%
Summary
Your HSA and FSA contributions save you $1,779 in taxes, including $459 in FICA taxes that most other deductions cannot reduce.
HSA and FSA contributions are pre-tax, reducing both income tax and FICA taxes (7.65%). This double tax benefit makes them one of the most tax-efficient savings vehicles.
Your FICA savings of $459 are unique to payroll deductions. Traditional IRA contributions, by contrast, only save on income tax.
FSA funds generally must be used within the plan year (use-it-or-lose-it), though employers may offer a $640 rollover or 2.5-month grace period. HSA funds roll over indefinitely.
Contribution Limits
3 rows
| Account | Limit | Your Contribution |
|---|---|---|
| HSA | $4,300 | $4,000 |
| FSA | $3,300 | $2,000 |
| Total | $7,600 | $6,000 |
Estimate based on federal HSA and FSA contribution limits and tax rates. HSA requires a qualifying high-deductible health plan (HDHP). You cannot contribute to both an HSA and a general-purpose FSA simultaneously. Not tax advice.