Individual 401k Contribution Comparison

Retirement Planning - 401k Contribution:

Self-employed individuals and businesses employing only the owner, partners and spouses have several options for tax-advantaged savings: an

Individual 401 plan, a SEP IRA, a SIMPLE IRA, or a Profit Sharing plan

.

Each option has distinct features and amounts that can be contributed to the plan each year. Use the Individual

401k Contribution

Comparison to estimate the potential contribution that can be made to an Individual 401k compared to Profit Sharing, SIMPLE, or SEP plan for 2008.

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Individual 401k Contribution Comparison - Definitions

Business type - Please select either in sole proprietorship or corporation. The calculations for your contributions are slightly different depending on the business type.
Net income - For sole proprietors, this is your net income from your tax Schedule C or C-EZ. For single owner corporations with no employees other than yourself or your spouse, this is your w-2 wages.
Current age - Your current age. For SIMPLE and Individual 401k plans you are able to make additional contributions, known as "Catchup Contributions" if you are age 50 or older by the end of the year. Individual 401k plans allow for an additional $5,000 while SIMPLE IRAs allow for an additional $2,500 contribution.

Users wishing to make informed personal finance decisions can take advantage of the many finance calculator, including auto finance calculator (car financing calculator), CD calculator, line of credit calculator, and insurance calculator. Additionally, business users can use the commercial loan calculator, or any of the many calculators financial or mortgage loan calculator available on CalculatorPlus.


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