Tax Expert Noel Spencer: 401K


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What is a 401K plan?


A 401(k) plan is a qualified plan that includes a feature allowing an employee to elect to have the employer contribute a portion of the employee's wages to an individual account under the plan. The underlying plan can be a profit-sharing, stock bonus, pre-ERISA money purchase pension, or a rural cooperative plan.

Generally, deferred wages (elective deferrals) are not subject to federal income tax withholding at the time of deferral, and they are not reported as taxable income on the employee's individual income tax return

Noel Spencer
735 Broadway, Newburgh, NY 12550
845-220-2080
Ask Noel Spencer a Question
www.spencersfinancial.com




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