Simple IRA 2019 explained. The SIMPLE IRA limits for 2019 have increased from $12,500 in 2018 to $13,000 in 2019. The catchup contributions have stayed the same at $3,000.
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Helpful and informative.
How do you figure out the max contribution taken on the simple IRA out of a take-home pay with taxes taken out. I have this question in payroll acc. and can't get the correct answer.
Problem:
George Clausen (age 48) is employed by Kline Company and is paid a salary of $43,108. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: Round your answer to the nearest cent.
a. What is the maximum that he can contribute into this retirement fund?
$13000
b. What would be the company's contribution?
1,293.24
This is where I am stuck???? (C. & D.)
"c. What would be his weekly take-home pay if he contributes the maximum allowed retirement contribution (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)?
" Use the Wage-Bracket Method Tables.
d. What would be his weekly take-home pay without the retirement contribution deduction?
How does the contribution cap magically double? Either the cap is 13k or 26k. Which is it?
I got really confused @7:50 how did we double 13k contributions to 26k for highly compensated employees?
Quick and to the point, thank you! Is there an easyish way to figure out what a paycheck would look like with the lowered taxes and the contribution?
My employer just decided to set up a simple IRA plan for us contributing 2% of what we earn. She had us choose our own financial institution and filled out the paperwork for the company we decided to use. She said, just pick one. I know nothing about investing and it's all really new to me. I will be contributing a little bit from each paycheck into the IRA for retirement but don't know what companies to invest in. I have not figured out that part yet. Someone said to go more aggressive because I'm young? What does that mean please and how do I know what is aggressive and what's not? I'm so confused. I just don't want to be completely broke when I'm older . This video seemed like it was more geared towards questions the employer might have. Do you have any advice for a very confused employee? lol
I am considering a career change. My existing company offers 401k in which I contribute. The new employer only offers a Simple IRA….what should I be aware of? Can I or should roll over my 401K?
Hello.. i just started my plan this year, im confused, i hope you can help me, im contributing with 5,200 a year.. my salary is $25,000 (approximately) how much im getting on the math? I have the 3% elegible. Thanks.