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re: .
Posted on 6/24/15 at 12:48 pm to CQQ
Posted on 6/24/15 at 12:48 pm to CQQ
quote:
The 5% is coming out of my gross pay, not my gross pay less taxes.
Your 401k contribution should be based on gross pay, not net pay.
This amount is simply deposited into your 401k account as a direct deposit. It should still be accounted for in your taxable income calculation, and taxes will assume this extra income, thereby reducing your net pay.
The same amount would go into your 401k if you were using a traditional 401k, but your taxes would simply be less making your net pay higher.
Posted on 6/24/15 at 1:45 pm to LSUtigerME
I might have missed something, but the roth account will be seperate from the 401k account.
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