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re: .
Posted on 6/24/15 at 12:28 pm to HoustonTiger2008
Posted on 6/24/15 at 12:28 pm to HoustonTiger2008
Ah, I think I got it. The 5% going into my 401K is definitely 5% of my gross pay but my taxable gross is my gross less what I put in my 401K.
This is what you were saying, right?
This is what you were saying, right?
Posted on 6/24/15 at 12:31 pm to CQQ
quote:
The 5% going into my 401K is definitely 5% of my gross pay
Yep.
quote:
but my taxable gross is my gross less what I put in my 401K.
Well this would make it a traditional 401k contribution. Deducting the amount you contribute before you pay taxes on the money.
What I am saying is maybe on your check they take the 5% out of your base (gross) salary and then take out taxes and insurance and arrive at your "net" pay, but then they deduct the 5% of your gross from that amount. That would be a Roth 401k contribution in that it was deducted from your paycheck after you paid taxes.
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