hey so this year I have w2 and 1099 income.
i have a 401k and edp with the w2. I will contribute the max (total of 54k)
say i make 100k at the 1099. What is the max I can contribute to the solo 401k? Is it 0.2(100,000-(100,000*0.0145) =19710?
the 0.0145 being half the Medicare tax since I'll already have hit the max for the social security
thanks
i have a 401k and edp with the w2. I will contribute the max (total of 54k)
say i make 100k at the 1099. What is the max I can contribute to the solo 401k? Is it 0.2(100,000-(100,000*0.0145) =19710?
the 0.0145 being half the Medicare tax since I'll already have hit the max for the social security
thanks
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