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| *Ostroff, Fair and Company>>>United States Taxes |
I am going to nearly double my income this year. Currently 9% is deducted for 401 K. Do not want to owe IRS? |
Should I have a higher percentage deducted? If so how much? go with the highest your employer allows. Always take advantage of what they have to offer. As much as your plan administrator will allow. http://www.irs.gov/individuals/article/0... This is the link to the IRS withholding calculator. This should give you a good idea if you follow it to the end. You can return back to this throughout the year to make sure you are on target. good luck imho - mucho tax experience contribute to an IRA up to $4000 per calender year, you can deduct your IRA contributiona off your 1040's The maximum 401k contribution is $15,500 or what ever percentage your employer allows. So lets say your employer caps your contribution at 10% and you make $10,000. Your max IRA contribution is $1,000. Without knowing what your income and employer max are it is impossible to answer your question. |
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