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Yes you can. The catchup contribution is in addition to the maximum annual contribution under IRC 457, which was $15,500 in 2008 and is $16,500 in 2009.
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What is 5500 plus 20 percent tax?
6600 20% of 5500 is 1100 +5500=6600
Can you contribute to both a 401k and 403b in the same year?
Yes, this is possible if you earn enough and the plans allow it. Your total contribution amount, 401k plus 403b can not exceed the $15,500 ($20,500 if over age 50) for 2008.
What is 500 plus 5000?
5500
Can you contribute to all 401a 403b and 457b if YES is there a total contribution limit?
Yes you can contribute to all three however the 401k and the 403b share the same elective deferral limit (402(g) Limit) of 16,500 plus 5,500 for over age 50. 457 have a different limit (it's call a 457 limit) plus a separate age 50 catch up (only for governmental 457 plans) so your totals are 16,500 plus 5,500 for 401k and 403b 16,500 plus 5,500 for 457. Total $44,000
Can you have a 403b and contribute to a 401k too?
Yes, but the contribution limit includes both, i.e., no more than $15,500 total in 2008 plus $5,000 "catch-up" if age 50 or over.
What would your gross pay be if you earn a monthly salary of 2200 plus 3.5 percent commission on your sales of 5500?
2392.50 commission: 3.5% of 5500 = 3.5/100 × 5500 = 192.50 → gross pay = monthly_salary + commission = 2200.00 + 192.50 = 2392.50
Can you cash out your 401K?
You can cash out your 401k, but you could possibly face severe tax implications. When you cash out a 401k plan, you usually pay ordinary income tax on the amount, plus a 10% penalty. Sometimes this can result in a charge of over 40%!
Does a 401k early withdrawal have to be counted as earned income?
Yes it is income, plus you will be assessed a penalty.
What are the tax implications if you rollover from an IRA to a 401K?
If you do a 401k rollover properly, there are no tax implications associated with the transfer. To do so, you will need to rollover your funds directly into an IRA from your old 401k. As a word of caution, if this is not done properly, then you could possibly be taxed at your ordinary income tax rate plus 10% on the amount.
Is there a way that I can find out about 401k interest rates?
If you do need to tap into your 401k in order to purchase your home it's best to leave it in tact. Borrowing money from your 401k will typically come with an interest rate of prime plus one percent currently. Although there are other additional fees that can add up as well.
What shows can be watched on Star Plus TV?
Star Plus TV is a Indian TV channel. Star TV hosts many different shows including the popular Ex GHar Banaunga and Veera. Star Player catchup TV online is available in some areas.
What is the penalty for early withdrawal of 401K loan?
The penalty is 10%. All in all you will pay your tax bracket + 10%. Actually that is incorrect. The question was about a 401k loan. There are no taxes on 401k loans unless you default on the loan. If the loan defaults then yes you would owe 10% penalty plus Federal and State taxes at tax time.
