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Department of Security >>Pre-tax Information You can choose to pay your parking fee with pre-tax or after-tax dollars. If you choose pre-tax, your contributions are deducted from your pay before federal and social security taxes are calculated. This benefit can increase your spendable income. If you choose to make pre-tax payments, you will pay for your University parking with pre-tax dollars. The actual cost of your parking is less than if you paid for it with after-tax dollars. The amount of your payments is not included as taxable income on your W-2. This means your taxable income is lower and you pay less in federal taxes but this can affect the amounts your dependents or you receive from Social Security. |
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