Considering a 401k max of $15,000, FSA of $4,000 (my company limits), and deductions for medical, dental, and life insurance benefits, is there a maximum amount of *total* pretax deductions?
2007-10-26 05:11:44 · 4 answers · asked by help007 2 in Business & Finance ➔ Taxes ➔ United States
100% is the most you can deduct and that is after the regular things like FICA
2007-10-26 05:28:21 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
The 401K for 2007 is $15,500. The company limit for the fsa of $4,000. If the company had an educational benefit you could pre-tax up to $5,200. If the FSA is for child care you could do up to $5,000 and the medical fsa could be up to 100% of eanings if the company plan allowed it.
So no the only limit would be that you leave enough to have spending money for other items you need to pay for
2007-10-26 05:35:18 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋
No maximum other than the gross amount of the check. If you're trying to minimize current taxable income, you could also consider an IRA.
2007-10-26 05:39:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Effectively, it is 92.35%, because 7.65% has to be deducted for social security and medicare.
2007-10-26 11:04:35 · answer #4 · answered by StephenWeinstein 7 · 0⤊ 0⤋