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Brown Cafe UPS Forum
UPS Retirement Topics
New Driver questions 401k/pension
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<blockquote data-quote="wily_old_vet" data-source="post: 161870" data-attributes="member: 2183"><p>Leddy-If you are doing a traditional 401k (not Roth) the amount you contribute is deducted pretax and makes your federal tax on your gross amount be based on your gross amount minus your contribution. EX: </p><p> Gross earnings= $1000</p><p> 401k contribution=$250</p><p> Fed tax based on $750</p><p>I believe state tax is also calculated on the $750 but could be wrong on that.</p></blockquote><p></p>
[QUOTE="wily_old_vet, post: 161870, member: 2183"] Leddy-If you are doing a traditional 401k (not Roth) the amount you contribute is deducted pretax and makes your federal tax on your gross amount be based on your gross amount minus your contribution. EX: Gross earnings= $1000 401k contribution=$250 Fed tax based on $750 I believe state tax is also calculated on the $750 but could be wrong on that. [/QUOTE]
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