Contract job chestollu 401K

[MDharmarajuMA]

4 minutes ago, Spartan said:

yes.

ur new AGI as per above calculation will be 121 - 24k (assuming std deduction for filing married jointly)

so u will pay tax for 97K . kids unte deduct 3000k from 97...

and u will end up paying less taxes..

how did you get 97K.

 

assuming gross is $190k

190k-19.5k= 170.5

so AGI will be 170.5K.

 

deeniki calculate chesi cheppu how you are calculating 

[Spartan]

Just now, MDharmarajuMA said:

how did you get 97K.

 

assuming gross is $190k

190k-19.5k= 170.5

so AGI will be 170.5K.

 

deeniki calculate chesi cheppu how you are calculating 

170.5 - 24k standard deduction will be ur AGI. (it will change if u r going for custom deductions if it suprasses 24k).

146K ki tax kadtav..

[MDharmarajuMA]

Just now, Spartan said:

170.5 - 24k standard deduction will be ur AGI. (it will change if u r going for custom deductions if it suprasses 24k).

146K ki tax kadtav..

ok got it👍

[Spartan]

Just now, MDharmarajuMA said:

ok got it👍

nenu 121 vesa, it shud be 131-24 (so 107 something..97 kaadu).

but logic remains same.

[snoww]

15 minutes ago, Spartan said:

annual 150K vastundi anuko gross pay

 

Save on Your Medicare Rx

 

walgreens.com

 

 

and u contribute to 401K,  u need to deduct 19.5K in total for max contribution.

 

 

 

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that is ~13% of ur gross...adi deduction pettuko ne monthly pay check ki....and u shud be good.

u will be paying tax to 130K only, a tarvata malli AGI will come into picture...

ne tax bracket (fed+state) assuming 32% .... u will be saving around 6k per annum along with 401k contributions.

@MDharmarajuMA

Majority of the mesthris don't have 401k plan. So koolies can't contribute 19.5k to 401k. If your employer doesn't has 401k then limited are less anukunta. 

[Spartan]

1 minute ago, snoww said:

Majority of the mesthris don't have 401k plan. So koolies can't contribute 19.5k to 401k. If your employer doesn't has 401k then limited are less anukunta. 

u can do it on ur own...

contribution lekunna...if ur pay is high,,,better contribute to reduce the tax..like Dharmaraju uncle 190k anta.

[MDharmarajuMA]

2 minutes ago, snoww said:

Majority of the mesthris don't have 401k plan. So koolies can't contribute 19.5k to 401k. If your employer doesn't has 401k then limited are less anukunta. 

maa mesthri gadu allowing for 401k.

but when registering this is what it says.. - 1% - 90% OR $244 - $19,500

[MDharmarajuMA]

1 minute ago, Spartan said:

u can do it on ur own...

contribution lekunna...if ur pay is high,,,better contribute to reduce the tax..like Dharmaraju uncle 190k anta.

that is just a aada(ODD) number sitti uncle. every month it is varying for multiple jobs.

[Spartan]

2 minutes ago, MDharmarajuMA said:

that is just a aada(ODD) number sitti uncle. every month it is varying for multiple jobs.

401K is good for contracting if u r breaching 150K.

[zarathustra]

3 minutes ago, MDharmarajuMA said:

that is just a aada(ODD) number sitti uncle. every month it is varying for multiple jobs.

Rich mestri vi ankul nuvvu 190k ante

[MDharmarajuMA]

29 minutes ago, zarathustra said:

Rich mestri vi ankul nuvvu 190k ante

mestri business loki kothaga adugulu vesthuna bro.. bless me

[MDharmarajuMA]

29 minutes ago, zarathustra said:

Rich mestri vi ankul nuvvu 190k ante

DB lo ookodu 200k 300k cali lo chebututne 190 is afterall jujubi uncle.

[Hydrockers]

19 minutes ago, MDharmarajuMA said:

mestri business loki kothaga adugulu vesthuna bro.. bless me

40 h1 lu 400 opt lu prapthirastu

[zarathustra]

52 minutes ago, MDharmarajuMA said:

DB lo ookodu 200k 300k cali lo chebututne 190 is afterall jujubi uncle.

Yeah bro inka 150k kooda break cheyaledu nenu but it's okay I don't live in Bay Area 

[Peter123]

put the max in 401k, and little in HSA (depending on single or family)