Contract job chestollu 401K

[MDharmarajuMA]

401k lo entha contributing?

 

monthly paycheck nundi masthu tax pothundhi..

 sugggest me how mu contribution to 401k is better? ADP lo register aythanu chebithe.

[LadiesTailor]

2 minutes ago, MDharmarajuMA said:

401k lo entha contributing?

 

monthly paycheck nundi masthu tax pothundhi..

 sugggest me how mu contribution to 401k is better? ADP lo register aythanu chebithe.

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $19,000 to $19,500.

All these pre tax money 

[MDharmarajuMA]

1 minute ago, LadiesTailor said:

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $19,000 to $19,500.

All these pre tax money 

nenu monthly 9k taxes kaduthunanu bro.. etla save cheyalno and entha contibute cheyalno seppu konchem

[Sarvapindi]

4 minutes ago, MDharmarajuMA said:

401k lo entha contributing?

 

monthly paycheck nundi masthu tax pothundhi..

 sugggest me how mu contribution to 401k is better? ADP lo register aythanu chebithe.

401k contribute chestge tax lu cut kaava ekkuva?

[MDharmarajuMA]

Just now, Sarvapindi said:

401k contribute chestge tax lu cut kaava ekkuva?

401k is your money kadha. later point lo use avuthayi. why should we pay govt so much taxes every month

[Sarvapindi]

Just now, MDharmarajuMA said:

401k is your money kadha. later point lo use avuthayi. why should we pay govt so much taxes every month

ardam kale ba...401k ki monthly paycheck taxes ki wat link?

[MDharmarajuMA]

Just now, Sarvapindi said:

ardam kale ba...401k ki monthly paycheck taxes ki wat link?

the more monthly your income the more taxes kadha.

Gross nundi kontha 401k ki pedithe, remianing gross medhane tax padatadhi kada. konchem  takkuva tax kadutham emao kadha. am i not correct.

calling sitti uncle @Spartan

[LadiesTailor]

5 minutes ago, MDharmarajuMA said:

nenu monthly 9k taxes kaduthunanu bro.. etla save cheyalno and entha contibute cheyalno seppu konchem

Employer ni adugu option vundemo ani or you can reach out to fidelity or some one and open an account... 

[MDharmarajuMA]

1 minute ago, LadiesTailor said:

Employer ni adugu option vundemo ani or you can reach out to fidelity or some one and open an account... 

employer gadu ADP lo open cheyodhu ani cheppadu.

[LadiesTailor]

6 minutes ago, Sarvapindi said:

ardam kale ba...401k ki monthly paycheck taxes ki wat link?

Your monthly pay 10k anuko.. say you can contribute 1k to 401k every month... you end up paying taxes for 9k instead of 10k..

asalu ekkuva think cheyyakunda if your employer is sponsoring 401k then contribute it 

[MDharmarajuMA]

Just now, LadiesTailor said:

Your monthly pay 10k anuko.. say you can contribute 1k to 401k every month... you end up paying taxes for 9k instead of 10k..

asalu ekkuva think cheyyakunda if your employer is sponsoring 401k then contribute it 

employer gadu 0 contributing. so nenu contribute chesina cheykapoyina tax pedha farak padadha?

[yemdoing]

https://www.investopedia.com/articles/personal-finance/063015/roth-401k-vs-roth-ira-one-better.asp

[Spartan]

8 minutes ago, MDharmarajuMA said:

the more monthly your income the more taxes kadha.

Gross nundi kontha 401k ki pedithe, remianing gross medhane tax padatadhi kada. konchem  takkuva tax kadutham emao kadha. am i not correct.

calling sitti uncle @Spartan

annual 150K vastundi anuko gross pay

and u contribute to 401K,  u need to deduct 19.5K in total for max contribution.

that is ~13% of ur gross...adi deduction pettuko ne monthly pay check ki....and u shud be good.

u will be paying tax to 130K only, a tarvata malli AGI will come into picture...

ne tax bracket (fed+state) assuming 32% .... u will be saving around 6k per annum along with 401k contributions.

@MDharmarajuMA

[MDharmarajuMA]

4 minutes ago, Spartan said:

annual 150K vastundi anuko gross pay

 

 

and u contribute to 401K,  u need to deduct 19.5K in total for max contribution.

 

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that is ~13% of ur gross...adi deduction pettuko ne monthly pay check ki....and u shud be good.

u will be paying tax to 130K only, a tarvata malli AGI will come into picture...

ne tax bracket (fed+state) assuming 32% .... u will be saving around 6k per annum along with 401k contributions.

@MDharmarajuMA

thanks @Spartan

What is AGI? Adjusted gross income?

[Spartan]

Just now, MDharmarajuMA said:

thanks @Spartan

What is AGI? Adjusted gross income?

yes.

ur new AGI as per above calculation will be 121 - 24k (assuming std deduction for filing married jointly)

so u will pay tax for 97K . kids unte deduct 3000k from 97...

and u will end up paying less taxes..