I have a full time job where I participate in a 401K and contribute the maximum amount. I also work part time in my wife's sole proprietorship, but dont draw a salary. Can I sign up in the retirement plan in her company, get a salary, and contribute there too. If so, what are the limits, and is the financial advantage of this tax deferral offset by the higher social security tax that has to be paid on my income? Her SS tax is maxed out, so that her extra profit because of my zero salary does not create an extra SS contribution.
2007-01-20
14:20:26
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4 answers
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asked by
astatine
5
in
United States