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| *Ostroff, Fair and Company>>>United States Taxes |
Max. 401k contributions in CA Per Pay Period? |
i want to contribute 100% of my pay to my 401k but i've been informed that 401k is not deferred for socialsSecurity and medicare taxes, etc... If that is the case, then what is the max. % i can contribute in CA? 91.75%? thanks. In most cases you can contribute a maximum of: 50% of your paycheck with a maximum annual contribution of $15,000. Those people over the age of 50 can contribute up to $20,000, but the 50% limit still applys. In rare instances people may have other limits, but that is as liberal as it gets. Sorry. The 50% limit is NOT imposed by the IRS. MOST companies impose a MUCH lower limit. That depends on your plan. Check with your administrator. There is of course an annual maximum amount plus "catch-up" if you are over fifty. May as well spread it out over the year. |
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