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If your salary is 15000 and you own your corporation can you contribute all 15000 to a 401k?
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.
What else can I help you with?
How much does the employer contribute to the 401k plan?
The employer typically contributes a percentage of the employee's salary to the 401k plan, up to a certain limit.
How do I contribute to my 401k?
To contribute to your 401k, you can set up automatic deductions from your paycheck or make manual contributions through your employer's online portal. You can choose the percentage of your salary to contribute, and your employer may also match a portion of your contributions.
How much does an employer typically contribute to a 401k plan for their employees?
Employers typically contribute around 3-4 of an employee's salary to their 401(k) plan.
401k Retirement Plan?
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
Can you contribute to a 401k after the year end?
No, you cannot contribute to a 401k after the year end.
Can I still contribute to my 401k after the year end?
No, you cannot contribute to your 401k after the year end.
How much does the IRS allow you to deduct of salary for a 401k?
For 2008 you may contribute the LESSER of: 1. Your total income for the year, or 2. $46,000
What percentage of my salary should go into my 401K account?
Always contribute what your employer will match, but consider contributing up to 10% of your income if you can afford it.
How do I set up a 401k with my employer?
To set up a 401k with your employer, you typically need to fill out enrollment forms provided by your HR department. You will need to decide how much of your salary you want to contribute to the 401k and choose your investment options. Your employer will then deduct the chosen amount from your paycheck and deposit it into your 401k account.
Is the 401k match based on salary?
Yes, the 401k match is typically based on a percentage of your salary that your employer contributes to your retirement account.
Can I lower my 401k contribution?
Yes, you can lower your 401k contribution by adjusting the percentage of your salary that goes into your 401k account.
Can I contribute to my 401k for the previous year?
No, you cannot contribute to your 401k for the previous year. Contributions to a 401k must be made during the calendar year in which they are intended to apply.
