Should I have a higher percentage deducted? If so how much?
2007-03-24 05:05:14 · 5 answers · asked by sugrcooky35 1 in Business & Finance ➔ Taxes ➔ United States
go with the highest your employer allows. Always take advantage of what they have to offer.
2007-03-24 05:17:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The maximum 401k contribution is $15,500 or what ever percentage your employer allows. So lets say your employer caps your contribution at 10% and you make $10,000. Your max IRA contribution is $1,000. Without knowing what your income and employer max are it is impossible to answer your question.
2007-03-24 05:14:56 · answer #2 · answered by Signed1 2 · 1⤊ 1⤋
http://www.irs.gov/individuals/article/0,,id=96196,00.html
This is the link to the IRS withholding calculator. This should give you a good idea if you follow it to the end.
You can return back to this throughout the year to make sure you are on target.
good luck
2007-03-24 05:09:09 · answer #3 · answered by Wood Smoke ~ Free2Bme! 6 · 1⤊ 0⤋
contribute to an IRA up to $4000 per calender year, you can deduct your IRA contributiona off your 1040's
2007-03-24 05:09:26 · answer #4 · answered by ZDKP1 1 · 0⤊ 2⤋
As much as your plan administrator will allow.
2007-03-24 05:08:41 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋