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After-tax contributions are contributions that come out of your net pay, rather than the gross pay. They have already been taxed and will not be required to be taxed again however, the earnings on after-tax contributions are subject to taxes and penalties.
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Employers receive credit against their SUTA tax for thei FUTA contributions?
No, a credit is granted against their FUTA tax for their SUTA contributions.
ARe contributions to NPR tax deductible?
yes
What is the FICA tax liability status of pretax contributions to qualified deferred compensation arrangements?
They are subject to FICA tax like any other wages. However the employers' matching contributions are tax-free.
Are 401K contributions tax deductible?
401k's are not tax-deductible in the normal sense of the word. However, since normal 401k contributions are made with pre-tax funds, taxable income is reduced. As taxable income is reduced, tax is then reduced as well.
When are contributions made into IRA accounts?
You can make contributions any time during your tax year to an IRA account. Total IRA contributions for the tax year may not exceed your taxable income or $5,000 ($6,500 if over 50).
Employers receive credit against their SUTA tax for thei FUTA contributions?
No, a credit is granted against their FUTA tax for their SUTA contributions.
Are governor candidate campaign contributions tax deductible?
Political contribution are never tax deductible no matter who the contributions are made to and for which political party.
ARe contributions to NPR tax deductible?
yes
What is the FICA tax liability status of pretax contributions to qualified deferred compensation arrangements?
They are subject to FICA tax like any other wages. However the employers' matching contributions are tax-free.
Can you get a tax deduction for a donation to the Obama campaign?
You can't. Politcal contributions are not tax deductible.
Are 401K contributions tax deductible?
401k's are not tax-deductible in the normal sense of the word. However, since normal 401k contributions are made with pre-tax funds, taxable income is reduced. As taxable income is reduced, tax is then reduced as well.
When are contributions made into IRA accounts?
You can make contributions any time during your tax year to an IRA account. Total IRA contributions for the tax year may not exceed your taxable income or $5,000 ($6,500 if over 50).
What is an example of a tax authorized under the Federal Insurance Contributions Act?
Social Security tax
Can you get a tax deduction for Roth IRA contributions?
No, you do not get a tax deduction for Roth IRA contributions. You pay regular income tax on the amount your contribute to your Roth IRA. The tax benefit is that any income you generate with the account (interest, dividends, etc.) is not taxed when you withdraw the money.
Can you get a tax refund if didn't pay taxes but did make contributions?
no
Is FICA tax the same as the social security tax?
Yes, plus Medicare tax. FICA is the acronym for the Federal Insurance Contributions Act.
What is the meaning of net of regarding contributions for tax purposes?
Net = Amount after tax is deducted (Amount minus tax) Gross = Amount before any tax is deducted
