To record payroll for month end:
D R Payroll Expenses
CR Cash
CR 401 Payable
To pay 401k plan
DR 410k Payable
CR cash
Withdrawals from 401k accounts are added to your general income for that tax year.
In general there are no penalties from rolling over an old 401k into a new 401k plan. The process is relatively easy and takes between 2 and 5 weeks.
Maximum 401k contribution over 50 includes both the general contribution limit and the catch-up contribution, which has increased for . Maximum 401k contribution over 50 includes both the general contribution limit and the catch-up contribution, which has increased for .
The general rule of thumb is that you can't put more money into your 401k than the total income that your company pays you.
The average company match on 401k accounts is 80%. You can read more about this match or general policies at invest-faq.com/cbc/ret-plan-401k.html
As a general rule of thumb, you cannot rollover your 401k to another account while you are still with the company. You could cash the 401k account out, but in doing so you could be facing taxes and penalties of over 40%. For more information on 401k rollovers, please visit eRollover.com at the links below.
Try this website:http://www.fundadvice.com/401k-help/401k-plans/401k-safeway.html
An ING 401k can only help you if you are familiar with general investing. If you don't know what you are doing, you can lose a lot of money, so you should be careful. You can consider a lower risk way of investing money.
The 401k is not taxed but the Roth 401k will be best in the long run as the money you get out wont be taxed then.
Contracom
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.
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.