The 401(k) account is the common name in the United States for the tax qualified defined contribution pension plan account and takes its name from subsection 401(k) of the Internal Revenue Code (Title 26 of the United States Code). 401(k) are “defined contribution plans” with annual contributions limited, currently, to $17,500. Contributions are “tax-deferred”—deducted from paychecks before taxes and then taxed when a withdrawal is made from the 401(k) account.
WELCOME TO RICHTOPIA
- 2,611,653 all-time users
- Economists Top 100: From Joseph Stiglitz to Michael Porter, These Are the Most Influential Economists in the World
- 11 Amazing Examples of Disruptive Technology
- Top 100 Leaders from Multilateral Organisations: From Kristalina Georgieva to Jamal Bin Huwaireb, These Are the Most Influential People in This Sphere
- 17 Great Examples of Effective Leadership and Strategy
- What Is Social Marketing? And How Does It Work?