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re: Question about catch up contributions for those over 50
Posted on 11/8/22 at 10:43 am to Ramblin Wreck
Posted on 11/8/22 at 10:43 am to Ramblin Wreck
Not really oversimplifying.
Just think of it as it's not added to your income (or, conversely, taken out of your income). However, having said that, it's still taxed for FICA/FUTA purposes.
Also, you can add your state tax rate to see your "savings".
The withholding tables don't really take this into consideration, so in the end, it typically just means a much larger refund at the end of the year.
Just think of it as it's not added to your income (or, conversely, taken out of your income). However, having said that, it's still taxed for FICA/FUTA purposes.
Also, you can add your state tax rate to see your "savings".
The withholding tables don't really take this into consideration, so in the end, it typically just means a much larger refund at the end of the year.
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