Healthcare Flexible Spending Account Tax Savings Calculator

According to a recent survey, the average family of four spends almost $3,600 in co-pays, coinsurance and deductible costs for medical, dental and vision expenses. If you contribute $2,600 to a Healthcare Flexible Spending Account you would save approximately $650 in taxes. If you insert your annual compensation and Healthcare FSA contributions below, you will see what your approximate tax savings will be.

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Income and FSA Contributions:
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Filing status:

Filing status

Choose your filing status. Your filing status determines the income levels for your Federal tax bracket. It is also important for calculating your standard deduction, personal exemptions, and deduction phase out incomes. The table below summarizes the five possible filing status choices. Note that your marital status as of the last day of the year determines your filing status.

Filing Status
Married Filing Jointly	If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately".
Qualified Widow(er)	Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider.
Single	If you are divorced, legally separated or unmarried as of the last day of the year you should use this status.
Head of Household	This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married Filing Separately	If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately".

For 2017, the standard deductions are:

Standard Deduction for 2017 Federal Income Tax
Filing Status	Standard Deduction
Married Filing Joint	$12,700
Qualified Widow(er)	$12,700
Single	$6,350
Heads of Household	$9,350
Married Filing Separately	$6,350

Gross Compensation:

FSA Contributions:

Please view the report to see detailed results in tabular form.

Total Taxes With and Without FSA
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Definitions

Federal Income Tax Rates:

Use the table below to assist you in estimating your federal tax rate.

Filing Status and Income Tax Rates 2017^*
Tax Rate	Married Filing Jointly or Qualified Widow(er)	Single	Head of Household	Married Filing Separately
10%	$0 - $18,650	$0 - $9,325	$0 - $13,350	$0 - $9,325
15%	$18,650 - $75,900	$9,325 - $37,950	$13,350 - $50,800	$9,325 - $37,950
25%	$75,900 - $153,100	$37,950 - $91,900	$50,800 - $131,200	$37,950 - $76,550
28%	$153,100 - $233,350	$91,900 - $191,650	$131,200 - $212,500	$76,550 - $116,675
33%	$233,350 - $416,700	$191,650 - $416,700	$212,500 - $416,700	$116,675 - $208,350
35%	$416,700 - $470,700	$416,700 - $418,400	$416,700 - $444,550	$208,350 - $235,350
39.6%	Over $470,700	Over $418,400	Over $444,550	Over $235,350
^*Caution: Do not use these tax rate schedules to figure 2016 taxes. Use only to figure 2017 estimates. Source: Rev. Proc. 2016-55

Gross compensation

This is your total income for the year. To keep things simple this calculator assumes this is your income before taxes but after deductions for retirement contributions such as 401(k)s, IRAs, etc.

Filing status

Filing Status
Married Filing Jointly	If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately".
Qualified Widow(er)	Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider.
Single	If you are divorced, legally separated or unmarried as of the last day of the year you should use this status.
Head of Household	This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married Filing Separately	If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately".

For 2017, the standard deductions are:

Standard Deduction for 2017 Federal Income Tax
Filing Status	Standard Deduction
Married Filing Joint	$12,700
Qualified Widow(er)	$12,700
Single	$6,350
Heads of Household	$9,350
Married Filing Separately	$6,350

FSA contribution amount

Total Healthcare Flexible Spending Account contribution.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.