401k & income tax question

Business Forum

Coffee Break: Fun Stuff & Interesting Conversation

Coffee Talk

401k & income tax question

New Topic

Post Reply

Follow Topic

Page of 1

Author
Message

tommyjeans

posts: 22

Feb 15, 2008 2:33 PM ET Quote Report Abuse

Points: 0 Vote

hi everyone,
i`m hoping someone can help me with this question.

lets say I am making 50k a year and i decide to max my 401(k) contribution at 15%, so thats minus $7500. My taxable income would be $42500 correct?

i also have a side business, if i bring in 7500 a year from it, does that mean my current taxable income would be an even 50k or 57500 at the end of the year?

thanks for any help!

Page of 1

Post Reply

Keep the Community Clean!

StartupNation forums should be used as a platform to learn, educate others, share stories, tips & tricks and to provide constructive feedback.
Please do not use the Forums for advertising & blatant self-promotion.
Please be respectful to other members and refrain from personal attacks and vulgar language.
StartupNation reserves the right to delete any message, reply, and/or member who violates our terms of use.

Read full terms of use

Contact Us Privacy Terms of Use Become a Marketplace Provider Advertise Local Guides Site Map Home Business Start a Business

Business Forum

Forums: Discussions for entrepreneurs and small business.

401k & income tax question

Keep the Community Clean!