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<blockquote data-quote="Mugarolla" data-source="post: 2217068" data-attributes="member: 8481"><p>You said 6% of $18000. This means that you thought the companies contribution was based on 6% of the amount that you contributed to your 401K, not your gross earnings.</p><p></p><p></p><p></p><p>Your contribution cannot exceed $18000. If your employer also contributes to your fund, their limit is over $30000 I believe.</p><p></p><p></p><p></p><p>No, it is not.</p><p></p><p></p><p></p><p>I would fail your class. It looks like you teach 2+2=5.</p><p></p><p></p><p></p><p>Again, you were a math teacher? What percentage does an employee have to contribute to reach $18000 if he grosses $100K? Do you need some help doing the math? He contributes 18% to max out.</p><p></p><p>I didn't say the IRS has a max percentage. In this scenario, he contributes 18% to max out his dollar amount.</p><p></p><p></p><p></p><p>OK. What percentage would an employee, in this scenario, have to contribute to max out his 401K?</p><p></p><p>Again, we are talking simple math here. I'll help you out. 9% And with the employers matching max rate of 6%, contributing $12000, he would have $30K contributed for the year.</p><p></p><p>If you need help solving the equation, let me know and we can go over it line by line. </p><p></p><p></p><p></p><p>No, but at least we were both taught math the correct way.</p><p></p><p></p><p></p><p>Bingo. We have a winner.</p><p></p><p></p><p></p><p>So you taught math different than you learned it? I know, Common Core. </p><p></p><p></p><p></p><p>Yup. </p><p></p><p>But it can be higher than $6000. It is all based on gross wages. Gross $120K, like some feeder drivers do, and they would contribute up to $7200.</p><p></p><p></p><p></p><p>Yup.</p><p></p><p></p><p></p><p>How about the second time?</p><p></p><p></p><p></p><p>i'm buying.</p><p></p><p></p><p></p><p>Thank you. Wasn't sure of the exact limit, but thought it was somewhere around the $50K mark for the combined total.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 2217068, member: 8481"] You said 6% of $18000. This means that you thought the companies contribution was based on 6% of the amount that you contributed to your 401K, not your gross earnings. Your contribution cannot exceed $18000. If your employer also contributes to your fund, their limit is over $30000 I believe. No, it is not. I would fail your class. It looks like you teach 2+2=5. Again, you were a math teacher? What percentage does an employee have to contribute to reach $18000 if he grosses $100K? Do you need some help doing the math? He contributes 18% to max out. I didn't say the IRS has a max percentage. In this scenario, he contributes 18% to max out his dollar amount. OK. What percentage would an employee, in this scenario, have to contribute to max out his 401K? Again, we are talking simple math here. I'll help you out. 9% And with the employers matching max rate of 6%, contributing $12000, he would have $30K contributed for the year. If you need help solving the equation, let me know and we can go over it line by line. No, but at least we were both taught math the correct way. Bingo. We have a winner. So you taught math different than you learned it? I know, Common Core. Yup. But it can be higher than $6000. It is all based on gross wages. Gross $120K, like some feeder drivers do, and they would contribute up to $7200. Yup. How about the second time? i'm buying. Thank you. Wasn't sure of the exact limit, but thought it was somewhere around the $50K mark for the combined total. [/QUOTE]
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