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    Too Short's Avatar
    Too Short Posts: 85, Reputation: -1
    Junior Member
    		  
    #1

    Nov 26, 2006, 06:39 PM
    Taxes
    If you were age 48 and was paid a salary of 42,640. You just decided to joina company simple plan retirement account.

    What is the maximum you can contribute into the retirement fund?

    What would the company contribute?

    What would be your weekly take home pay with the retirement contribution deducted married 2 allowances and a 2.3 percent state income tax on total wages?

    What would be his weekly take home pay without the retirement contribution deduction?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 26, 2006, 07:18 PM
    I believe the maximum contribution is $15,000, but you can check this by searching the IRS website at www.irs.gov.

    The company contribution depends on company policy.

    The take-home pay calculations can be done with withholding tax tables (that can be found on www.irs.gov) for the income tax plus the Social Security and medicare percentages I provided for you earlier.
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