Additional Parking Information for Faculty/Staff
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Pre-tax Option
Eligible employees who pay for parking by payroll deduction may choose to pay on a pre-tax basis.
- To be eligible, you must pay for parking via payroll deduction.
- You must apply for the pre-tax deduction before the 10th of the month for pre-tax to apply to that month's paycheck.
- Pre-tax deductions reduce the amount of taxable income, increasing take home pay by reducing FICA, Federal and State income taxes.
- Payroll and Benefit Services has provided the following example of tax savings resulting from deducting permit fees on a pre-tax basis:
- Annual salary: $38,000
- Federal withholding: Single/Zero
- Other pre-tax deductions: 0
- Parking deduction: $36.50
- Annual tax savings: $132.00 (in federal and state income taxes)
- Tax savings will vary depending on salary, other pre-tax deductions and the marital status/exemptions claimed on the Federal W4 form.
Permit fees paid by payroll deduction on a pre-tax basis cannot be refunded to you. This is an Internal Revenue Code ruling; not a University of Colorado ruling.
For additional information, please read our Pre-Tax Parking Memorandum.
How to Cancel Your Permit
When you terminate, take leave or sabbatical, cancel your permit to stop payroll deduction.
If you will no longer be paid through CU monthly payroll for any reason, such as termination, leave, or sabbatical, you must return your permit to PTS for either temporary hold or cancellation.
To put your permit on temporary hold or to cancel your permit, you must return your permit to PTS to stop your parking fee deduction. When your permit is returned to our office, a temporary permit can be issued at no additional charge through the end of the month for which you have paid. Please notify your department’s parking liaison if you put your permit on hold or cancel it.
All requests for change in deduction status or permit hold/cancellation requests must be received by PTS no later than the 10th day of the month to be effective for that month's payroll deduction (i.e., to stop/change your parking deduction for December, request the change no later than November 10th).
Permit fees are deducted in advance of the month for which they are due (e.g., your December parking fee is deducted from your end of November paycheck).
