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Can you increase tax withholdings to offset 401k contribution?

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What is the 401k maximum contribution for 2012?

It is $17,000 if you are younger than 50 years of age. There is a catch up limit of $5,500 if you are 50 years of age and older. Those 50 and over can contribute a total of $2

Did Bill Clinton think to tax the 401k?

Absolutely, back in 1993. It was a one time 15% tax on all private pensions, IRA's and 401 k's. The idea died with the election of the Republican congress in 1994.

What are the 401k contribution limits for 2013?

The limits for 401k contribution can be found under the the section 'taxes' on the 'About' website. The limits for 2013 are $17.500 and $23.000 if one is 50 or older.

What is the difference between withholding taxes and not withholding taxes?

Withholding taxes are taxes that are subtracted from a payment by a third party before you receive the payment. Examples of this are: your employer takes taxes out of your pay

What percentage of your income can you contribute to your 401k?

There is no limit based on percentage of income. However, most employer plans set a limit as a percentage of salary. Check with your employer for the limit they have set. Th

Why does the Federal Government use tax withholding?

It uses withholding because it needs a steady stream of income to pay for its expenditures and also because most people would not save enough money to be able to pay their tax

What is backup withholding tax?

When a person, such as an employer, makes payments to another person, they must withhold and then pay a specified percentage of this payment to the Internal Revenue Service (I

Will taxes be offset if in loan rehabilitation?

Unfortunately the answer is probably yes. If you were already on the tax offset list from your loans being in default prior to starting the rehab program, then you will not co

Can you contribute to an IRA if you are contributing to a 401k?

Yes, 2 separate things (accounts). The 401K investing doesn't affect the contribution amount allowed into the IRA.   However, if you are contributing to a 401k, you are an

What is the Social Security withholding tax rate?

The withholding amount by the employer from your earnings that are  subject to the old age survivors disability insurance is 7.65% for  the social security and medicare tax
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What is a withholding tax used for?

Withheld taxes are used for several things. City taxes and state taxes are withheld from one's paycheck. Federal taxes are also withheld from your check. That amount depends o