here are other plans, like an SEP that would suit you better...and considering your asking...I doubt your corporation has established a 401k...which has a lot of qualifications and administrative costs.
In 2007 the total of both employee and employer contributions is limited to the lesser of 100% of your compensation or $45,000 - that's an increase of $1,000 from 2006. Once again, in 2009 these limits will be adjusted for inflation and moved-up in $1,000 increments. In fact, total contributions in 2008 were increased to $46,000. This total contribution limit includes pre-tax and after-tax contributions. We've outlined these 401k limits for you in general terms. The rules for 401k plans are complex and they depend on a number of factors including your salary, overall employee participation, and pre-tax versus after-tax contributions. Questions specific to your 401k plan can be addressed by your employer's program administrator.
form_title=401k Retirement Plan form_header=With a 401k plan you can choose to defer a portion of your salary and save for retirement. Who is your primary beneficiary?*= _[50] How long have you worked for your employer?*= _Enter Number of Years[50] What percentage of your salary do you want to invest?*= _[50] Would you like to contribute to your 401k weekly or bi weekly?*= () Weekly () Bi Weekly
For 2008 you may contribute the LESSER of: 1. Your total income for the year, or 2. $46,000
Always contribute what your employer will match, but consider contributing up to 10% of your income if you can afford it.
The maximum amount that you can contribute to your 401K plan is 50% of your taxible wages. If your Employer has a "match" Program They Will Contribute a Mirrior 50% with yours
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Although the amount you may contribute to your 401k varies by year, in 2012 one could contribute up to $17,000 to their 401k. Remember that one's employer may not match your contribution up to this amount.
You can contribute to both a 401K and an IRA at the same time (same year).
Under a non-profit organization are allow to pay the president a salary and 401k plan and should taxes be taken out of th salary
There is no limit set by IRS on a per month basis, however there is an annual limit to your contributions. Some employers do create restrictions on how much of your salary you can contribute, but that varies from employer to employer. Assuming that you want to maximize your 401k for the year and you want to contribute an even amount per month, then you would contribute $16,500/12 = $1,375 per month. This does not include your employer match.
I actually worked for MelDisco, which was a subsidiary of Melville Corporation.
In a 401k roth plan a person can decide to contribute before or after taxes, which is not available in a regular 401k. This can be very beneficial to some people.
Yes the employer usually has a limited amount that they will match depending on the amount that you contribute to the 401K plan.