Just Lurking
Well-Known Member
Also, everyone need to remember that high compensation employee rules with 60-70 hour work weeks. Company runs the discrimination test after the year is over. Money can be returned to you in the following year as taxable income. Rule effect maybe some package and feeder drivers but mostly feeders involved in sleeper operation.
The IRS defines a highly compensated employee as someone who meets either of the two following criteria: Received $125,000 or more in compensation from the employer that sponsors his or her 401(k) plan in the previous year. For 2020, the compensation must be greater than $130,000.
The IRS defines a highly compensated employee as someone who meets either of the two following criteria: Received $125,000 or more in compensation from the employer that sponsors his or her 401(k) plan in the previous year. For 2020, the compensation must be greater than $130,000.