Even if you contribute the maximum amount each year, your employer’s matching contributions are in addition to these 401k limits. Your employer’s 401K maximum contribution limit is shown in the table above (e.g in 2022 is $40,500($61,000 – $20,500) or 100% of your salary, whicheve...
Also, contributions to a traditional IRA are generally fully tax-deductible. Roth IRA contributions are not tax-deductible, however, withdrawals will be free from taxes as long as you are at least 59 ½ at the time the withdrawals are made, and you have participated in the plan for at le...
Below is the historical maximum income amounts that that must pay Social Security Tax. FICA stands for Federal Insurance Contributions Act, which includes 6.2% for Social Security Tax and 1.45% for Medicare tax. The flip side of this is that as the taxable maximum increases, so does the maxi...
The sad part about wondering whether 10 million dollars is enough to retire comfortably is that plenty of people who make a lot of money still go broke. Just look at so many ex-NFL players who end up with very little soon after their careers are over. The reason why they end up broke...