Yes.
The taxes are sent to the taxing authorities. For example, your federal income taxes and Social Security taxes are sent to the IRS. State taxes are sent to your state tax department. Other deductions are sent to the appropriate party. Charity deductions are sent to the charity. Insurance deductions are sent to the insurance company (or kept by your employer if they are self-insured). Savings deductions are sent to the savings institution. 401k deductions are sent to the 401k trustee.
A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren't paid until the money is withdrawn from the account.
One should expect for there to be deductions for federal, state, local and social security tax. You may also see deductions for health insurance and your 401k investments.
Not being an expert I would first contact the Plan Administrators (where the account is held) and seek advice. If they are no help try your states Dept of Banking and Insurance, State IRS if necessary and begin looking for work elsewhere, Good Luck
No these amounts are only paper losses and you never have reported the deferred compensation amounts on your 1040 Federal income tax return as taxable income and never paid any income taxes on the amount so you do not have any cost basis in the 401K plan YET and these transactions losses or gains are only taking place inside of the 401K plan each year. This is the same thing that happens in the year that you have gains inside of your 401K plan you do NOT report the amount of gains as taxable income on your income tax return either because the transaction are taking place INSIDE of the 401K plan.
You can use a monthly payment calculator to figure out how your employer determines your monthly 401K deduction. A good site that has a calculator is labpixie.
You can use a monthly payment calculator to figure out how your employer determines your monthly 401K deduction. A good site that has a calculator is labpixie.
Yes. You can roll a previous employer's 401k balance into a new employer's 401k. You can also roll a previous employer's 401k balance into an individual retirement account (IRA) if you wish to maintain control over the investments.
Go to an investment broker (many banks have these) and open the account. You'll need to decide how much of your paycheck you want to put into the 401k. Note that there is a maximum amount that can be contributed to this account tax-free. I would first check with your employer as to whether there is a company sponsored 401k available. Many times your employer will match your contributions up to a certain percentage.
A 401K plan is a retirement plan that you can save with that is sponsored by your employer. It allows workers to save and invest their paycheck prior to taxes being taken out.
You own your 401k so when you leave your employer you still own your 401k. You can either leave it where it is or you can move it to which ever company manages the 401k investments for your new employer. how do i git access to my 401k from this company so i can transfer or cash it in.
If your employer offers its employees the option to invest in a 401K, you would be very wise to take it. Many employers also offer matching funds as a way to encourage employees to save for retirement. If you contribute five percent and your employer will match half of that, that is just like getting free money every paycheck. In addition, the money is taken from your paycheck before any taxes are applied.
Your employer should have their records electronically stored. The 401K is usually with a separate company anyhow. You will need to find out who sponsors your 401k and their contact information. Your employer will have access to this.
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
Any employee, regardless of the type of work he or she performs, is eligible for a 401k if the employer offers it. An employer is not required to offer a 401k, however. If an employer-sponsored plan (401k, 403b, SEP IRA, etc.) is not available, often individuals will contribute to a Traditional IRA or Roth IRA.
You can rollover your 401k by applying for or opening a new 401k through your new employer. You don't have to do it though. Withdrawing from your 401k will result in penalties.
Yes. When monies are deducted from your paycheck they are supposed to be sent to a trust company to protect them. The reason for the trust company to hold them is so no one has access to your funds, but you. You will definitely want to submit your paystubs to your plan administrator to determine the discrepancy.