It is the continual build that makes 77k Shared Savings so important, increasing their and their employees’ net income.
Michelle Winterfield, Co-Founder, Ride in Tandem
“Tandem has been on the 77k Shared Savings program for about 6 months,” said Michelle. “In that time, our employees have increased their take home pay by an average of 3.22% every paycheck – just by signing up for 77k.”
Tandem co-founders, Michelle Winterfield and Daniel Couvreur, built the company to reinvent how the modern household grows wealth — all from splitting groceries to planning and saving for your next shared goal.
As financial-services experts, the Tandem team first chose to work with MainStreet, to automate the tax-credit process, which can be very time-consuming and paperwork-intensive. Yet, the companies’ relationship would soon expand to help employees’ lives more directly.
Tandem: an Early-Adopter of MainStreet’s 77k Program
While Tandem enjoyed MainStreet’s flagship product, the 77k Shared Savings (77k) program piqued their interest in deepening their relationship with the company. Named after the 77,000 pages of IRS tax code — that you’d otherwise have to wade through — the 77k program empowers employers to make an immediate impact on their employees’ financial planning with personal tax credits — without the hassle (and price tag) of a wealth management firm.
“Giving our employees the value of shared savings without hiring an expensive intermediary really stuck with us,” said Michelle. “It mirrors similar values as what we aim for with our Tandem platform.”
MainStreet Links SMBs and Their Employees to Overlooked Savings
With 77k, MainStreet gives Tandem employees access to a suite of tax-free payments tailored to their individual spending habits. These non-taxable reimbursements and stipends are often overlooked by traditional tax preparers, and are too difficult for most small businesses to provide on their own. MainStreet takes on the administrative burden to provide these tax-free payments, making it simple to increase employees’ take-home pay while decreasing overhead. This unlocks more cash in employees’ pockets and saves employers money with every pay cycle.
3.22% More Cash in Every Paycheck So Far
“Tandem has been on the 77k Shared Savings program for about 6 months,” said Michelle. “In that time, our employees have increased their take home pay by an average of 3.22% every paycheck – just by signing up for 77k.” That is almost $3,000 annually, which is the price of a ticket to Europe, a new laptop, or the priceless comfort of a Tandem contingency fund.
And these savings didn’t cost Tandem a thing. In fact, they saved a total of $318 after providing their employees with these savings and paying their 77K fees. Additionally, they’ve generated a $56,309 Federal R&D credit, leveraging MainStreet’s flagship product for companies.
Starting in July, they’re R&D credit kicks in. So they will be saving a further $4,168.54/month after paying their 77K fees. They won’t pay a penny in payroll taxes until May 2025, at which point they’ll be eligible for further payroll credits.
It is the continual build that makes 77k Shared Savings so important. Tandem knew that the earlier they gained access to the program, the faster they could make a meaningful impact by increasing their and their employees’ net income.