0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What's the difference between Roth and a 401K?
The difference between a Roth 401k and a regular 401k is that the Roth 401K is a after-tax contribution and the regular 401K is a pre-tax contribution. You pay taxes on the Roth 401K now in order to avoid taxes at withdrawal. The regular 401 is a tax credit for the year deposited with taxes paid at the time of withdrawal.
What is the tax consequence of the 401k retirement plan?
A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.
Does a 401K or Roth IRA provide greater tax efficiency?
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not. A Roth grows tax free, while a 401k is taxed when you withdrawl the funds.
What are the tax consequences of a 401k rollover from my old job?
A 401k rollover is an option that comes with very few tax consequences. If you setup the rollover incorrectly you could face tax liability that is unexpected.
Will the government borrow from your 401k?
No. They can tax it if you withdraw from it, but borrow no.
Who bears the burden of a tax?
The burden is that of the person or people who have to pay the tax.
What organizations began as six neighboring countries that wanted to lessen their burden of import taxes?
The European Union began as six neighboring countries that wanted to lessen their burden of import taxes
What's the difference between Roth and a 401K?
The difference between a Roth 401k and a regular 401k is that the Roth 401K is a after-tax contribution and the regular 401K is a pre-tax contribution. You pay taxes on the Roth 401K now in order to avoid taxes at withdrawal. The regular 401 is a tax credit for the year deposited with taxes paid at the time of withdrawal.
What is the tax consequence of the 401k retirement plan?
A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.
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.
Does a 401K or Roth IRA provide greater tax efficiency?
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not. A Roth grows tax free, while a 401k is taxed when you withdrawl the funds.
Can you Suggest ways to lessen the burden on roads?
Driving lighter weight vehicles.
What percentage will I be penalized if I choose to cash out my 401k early?
You will need to pay all income tax for the income deposited in the account (as if you earned it the moment you withdraw it) plus a 10% early withdrawal fee if you are under 55. If you have had no income for this tax year (say you are unemployed), then the tax burden may be low. However, if you are withdrawing in a year when you have had salary, the additional disbursement can push you into a new tax bracket-- raising the tax you pay on ALL income for this year. With this added tax burden and the 10% penalty, it is possible to wipe out all benefit from a withdrawal.
where do i declare my 401K on my 1040 tax form?
how others will about your tax matters i am not an tax officer to know it
Where can I go to find out if the 401k calculator tax is a good calculator?
One website where you can find some of the pros and cons for the 401k calculator tax is: http://www.401kplanning.org/calculators-tools/401k-savings-calculator/
When demand is perfectly inelastic who bears the tax burden?
The consumer is the one that bears the tax burden in this case 100%.
Which state has the heaviest tax burden?
The state with the heaviest tax burden is New York, by .5% compared to California.
