Trader Joe’s is a well-known American grocery store chain specialized in fresh format groceries. With over 500 stores in 42 states nationwide last year, Trader Joe’s has developed a name for itself among the and has become a go-to to buy fresh produce, organic foods, gourmet foods, and typical grocery items like cereal, eggs, dairy, coffee. Apart from food, they also carry hygiene products, cleaning items, and other everyday use products. Most of the grocery items they stock are their own name brand products that they manufacture themselves or outsource.
Trader Joe’s Child Care Assistance & Benefit Program
Child Care is a crucial part of numerous American households, caretakers of which are employed in the service industry or any industry for that matter. Trader Joe’s encourage employees to set up dependent care Flexible Spending Accounts (FSA). The company deducts a definite amount from the employer’s payroll at each pay period and deposit that amount to their designated accounts. This allows the parent with dependents who are reliant on them for care and full-time attention to be taken care of while they’re at work.
The added benefit is the Child Care expenses are paid for before income taxes through FSAs, which means that your monthly salary will have lower income tax deductions leaving you more money in your pocket for other expenses. To reimburse the expenses paid, the company provides a claim form which is filled by the employer. Trader Joe’s also asks employees to attach receipts or proof of payment with the form. The receipts and expenses must qualify for the reimbursement as mentioned before, with the following information required on all receipts:
- Provider’s and dependent’s name
- Service period
- Payment amount
The money assigned for each employee under the Flexible Spending Account by Trader Joe’s is calculated before the deduction of taxes, therefore, reducing the amount of income subject to taxes. Through the additional amount, income reduction means saving about $280 in federal taxes for every $1,000 spent on dependent care with an FSA.
Trader Joe’s has listed certain expenses for which you can claim reimbursement under the Flexible Spending Account. The employee needs to understand the terms and conditions and eligibility of the dependent care service. And of course, the individual must be an employee of Trader Joe’s and earning income to qualify for FSA. Qualified expenses for parents include:
- Physical care, In-home care, such as a nanny, or institutional-setting care, such as child or adult daycare services, by qualified caregivers (siblings or relatives don’t count)
- Summer day camps
- Before- and after-school Child Care Providers
- Transportation provided by a caregiver
- Application fees, deposits, etc. required for obtaining care, but only if care is subsequently provided
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