Spartan Posted January 25, 2022 Report Share Posted January 25, 2022 2 minutes ago, abulu said: So 22% federal + state 6% + inka yemi vuntadhi? nope 1 Quote Link to comment Share on other sites More sharing options...
dkchinnari Posted January 25, 2022 Report Share Posted January 25, 2022 4 minutes ago, Spartan said: nope how to change bonus amt to 401k... Quote Link to comment Share on other sites More sharing options...
coffeeabhi Posted January 25, 2022 Report Share Posted January 25, 2022 9 minutes ago, abulu said: So 22% federal + state 6% + inka yemi vuntadhi? Social security and medicare tax kooda add avuthundhi. Check https://blog.taxact.com/how-your-year-end-bonus-is-taxed/#:~:text=Employee bonuses are taxable%2C just,from every paycheck you receive. Quote Link to comment Share on other sites More sharing options...
Spartan Posted January 25, 2022 Report Share Posted January 25, 2022 54 minutes ago, dkchinnari said: how to change bonus amt to 401k... @dkchinnari ne contributions ekkada set chestav alkade untadi bonus check seperate contribution allocate cheyochu maaku vanguard lo untadi Quote Link to comment Share on other sites More sharing options...
dkchinnari Posted January 25, 2022 Report Share Posted January 25, 2022 7 hours ago, Spartan said: @dkchinnari ne contributions ekkada set chestav alkade untadi bonus check seperate contribution allocate cheyochu maaku vanguard lo untadi ohh let me check in fidelity...ty Quote Link to comment Share on other sites More sharing options...
dgnfiedmn Posted January 25, 2022 Report Share Posted January 25, 2022 Bhayya be careful. Everyone's situation is different and don't just blindly follow. For example if your company matches 401k contributions and if you max out early in the year you will loose all that company matching later in the year. So be cognizant of that fact. My advise is if you already are inline to max out by the end of the year, keep at it and enjoy your bonus. Later bro. 2 Quote Link to comment Share on other sites More sharing options...
abulu Posted January 25, 2022 Author Report Share Posted January 25, 2022 13 hours ago, Spartan said: nope 13 hours ago, coffeeabhi said: Social security and medicare tax kooda add avuthundhi. Check https://blog.taxact.com/how-your-year-end-bonus-is-taxed/#:~:text=Employee bonuses are taxable%2C just,from every paycheck you receive. Oh 🙄 ... Quote Link to comment Share on other sites More sharing options...
coffeeabhi Posted January 25, 2022 Report Share Posted January 25, 2022 5 hours ago, dgnfiedmn said: Bhayya be careful. Everyone's situation is different and don't just blindly follow. For example if your company matches 401k contributions and if you max out early in the year you will loose all that company matching later in the year. So be cognizant of that fact. My advise is if you already are inline to max out by the end of the year, keep at it and enjoy your bonus. Later bro. Good point bhayya. You have to check whether the company has matching limits per paycheck or per year. Assuming the company matches 50%, Per year limits aithe, if you contribute $20,000 in the first paycheck of the year, they will contribute $10,000 Per paycheck limit aithe, they contribute 50% on 5% or 10% of base in that paycheck. $20,000 contribution ki you may get only $1000 company match and lose the company matching for the rest of the year. Quote Link to comment Share on other sites More sharing options...
Anta Assamey Posted January 25, 2022 Report Share Posted January 25, 2022 Rich people ki consultant laga tayaru ayyadu @Spartan .. 2 1 Quote Link to comment Share on other sites More sharing options...
krrish Posted January 25, 2022 Report Share Posted January 25, 2022 What is the advantage of maximizing 401k? Is this because you get a better rate of return by the time you retire? You have to pay taxes anyway on the money you receive from 401k later on….am I missing anything? Quote Link to comment Share on other sites More sharing options...
MiryaIgudaMaruthiRao Posted January 25, 2022 Report Share Posted January 25, 2022 16 hours ago, abulu said: Employer manaki bonus format iche money calculated on 30% or 33% or 40% flat?? 40 flat Quote Link to comment Share on other sites More sharing options...
MiryaIgudaMaruthiRao Posted January 25, 2022 Report Share Posted January 25, 2022 15 hours ago, Spartan said: bonus nunchi pay cheseste ado satisfaction ne next monthly payments takkuvai .. salary ekkuva vastundi ani santoshinchocchu Our bonus monthly ba, how we can adjust in these case scenario ? Quote Link to comment Share on other sites More sharing options...
MiryaIgudaMaruthiRao Posted January 25, 2022 Report Share Posted January 25, 2022 7 hours ago, dkchinnari said: ohh let me check in fidelity...ty Did you find in fidelity ba ? Quote Link to comment Share on other sites More sharing options...
abulu Posted January 25, 2022 Author Report Share Posted January 25, 2022 4 minutes ago, krrish said: What is the advantage of maximizing 401k? Is this because you get a better rate of return by the time you retire? You have to pay taxes anyway on the money you receive from 401k later on….am I missing anything? 1) If things are going smooth, you dont need that money if things are not good, you can withdraw with penalty free 2) if you move to India and no income generated, then rollover the 401k to IRA, say you have 150k in 401k 30k every year you pay tax and rollover to Roth IRA. Pay nominal 10% tax, and after 5 years you can with draw completly. Its a slow process but saves you 20% taxes and also you can invest in your stocks of your choice in Roth IRA. 1 Quote Link to comment Share on other sites More sharing options...
krrish Posted January 25, 2022 Report Share Posted January 25, 2022 7 minutes ago, abulu said: 1) If things are going smooth, you dont need that money if things are not good, you can withdraw with penalty free 2) if you move to India and no income generated, then rollover the 401k to IRA, say you have 150k in 401k 30k every year you pay tax and rollover to Roth IRA. Pay nominal 10% tax, and after 5 years you can with draw completly. Its a slow process but saves you 20% taxes and also you can invest in your stocks of your choice in Roth IRA. What do you mean by penalty free? You mean the pandemic situation? Any amount withdrawn prior to retirement needs to go through a penalty, right? is 30k the maximum you can withdraw per year with the nominal 10% tax? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.