dependent care plan
A flexible spending account which allows deducting dependent care expenses from income prior to taxation to pay dependent care expenses for the coming year - this in turn reduces the total tax liability.
Definition from Nolo’s Plain-English Law Dictionary
A fringe benefit that eligible employees of a business can be given tax-free to care for their dependents. This expense is generally deductible to the business.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:14 pm
