Cloverissweet
Confused about dryer sheets
- Joined
- Feb 4, 2013
- Messages
- 9
I plan to quit my job to stay home when I have kids. However I don’t like putting off my retirement saving while doing so. I plan to start my own business, making just enought to max out my 401K contribute.
If I make just enough to max out my 40K contribution, does that mean I have no income tax?
For example, if my business earns 18K a year and I contribute 17.5K to my 401K, the rest probably goes to social security or whatever. Then my AGI is almost zero. Therefore I will not have any tax?
I am not sure if I am understand this self employ 401K probably.
If I make just enough to max out my 40K contribution, does that mean I have no income tax?
For example, if my business earns 18K a year and I contribute 17.5K to my 401K, the rest probably goes to social security or whatever. Then my AGI is almost zero. Therefore I will not have any tax?
I am not sure if I am understand this self employ 401K probably.