How Much Are You REALLY Making?
by Peri Lane

Feeling underpaid but can't ask for a raise right now? The job offer just isn't what you had in mind? Before you sink into I'm-just-not-making-enough-money mode, consider the dollar value of other job "benefits" that include more than just paid vacation, holidays, and health insurance. Continuing education, Flexible Spending Accounts, and retirement plans can add up to hundreds if not thousands of dollars each year, making your overall compensation not such a bad deal after all.

According to a recent study by the U.S. Chamber of Commerce, the average employer in the U.S. spends 42 percent of payroll for fringe benefits. Thus, an employee earning $30,000 a year could receive fringe benefits worth $12,600. Many people don't even realize that these benefits are available or don't understand how to take advantage of them.

Work/Life Benefits The latest surveys indicate that employees see Work/Life Benefits as a major factor in their job satisfaction. As a result, companies are rapidly adding to this category of benefits. While some companies are more progressive than others (see Fortune's top 100), the best companies pick up the tab for things like commuting, parking, continuing education, Employee Assistance Plans (stress management counseling, etc), and health club memberships. Consider that a session with a therapist will run anywhere from $100 and up, and that a health club membership will set you back an average of $50 a month. Benefits like these can quickly add up and significantly impact your overall compensation package.

Pre-Tax Benefits
If you have large doctor bills, need serious dental work, or are paying for daycare, then a Flexible Spending Account (FSA) may be for you. An FSA allows you to use pretax dollars to pay for medical expenses that aren't reimbursed by your health-insurance plan, such as your deductible, co-payments for medicine, and non-covered expenses like eyeglasses. There are also Dependent Care accounts that work the same way by covering daycare expenses. By taking advantage of an FSA, an individual in the 27% federal tax bracket will save $35 on every $100 of medical costs. By taking advantage of this benefit, you can stretch the money available for medical expenses and reduce your federal-income and social-security taxes - and depending on where you live, your state and local income taxes as well.

Retirement, Investment, and Insurance Benefits
Don't forget to take full advantage of the traditional retirement and insurance benefits. The skyrocketing costs of health insurance alone make this standard benefit worth a fortune. With retirement plans, most companies will match whatever you invest (in pretax dollars) up to a certain percentage. Benefits in this category include:

• 401(k) plans
• IRAs (Individual Retirement Accounts)
• Stock Option Plans
• Pension Plans
• Health and Dental Insurance
• Life Insurance
• Disability Insurance
• Long Term Care Insurance