In both the examples (W-2 100K and 66K), how are you also including Roth 401K contribution as with pre-tax Solo 401k ($22,500) and then profit sharing contributions you won't have the option/ability to also contribute to Roth 401K?
The after tax contributions can be made after the 22,500 and profit sharing up to the 66k. It’s shown in the video. $18,500 for the $100k w2 and $27k for the $66k w2.
Would you please double check on that? My CPA said I can not do that unless I pay myself more so the profit sharing would be higher up to the total of 66k. It sounds too good to be true but I hope you are right@@TravisSickle
Thank you for good info. I have 401a and solo 401k account. Retirement office said it will be $22,500 for 401a and I can still contribute $22,500 to my own solo 401k in 2023. Is it true??
@@TravisSickle I have an S corp , 1 employee, me! I need someone to help with personal and corporate taxes and give some advice once in a while, it’s not very complex! Thanks!
![How to calculate SELF EMPLOYMENT TAX deduction for retirement plans [SEP IRA + Solo 401k]](http://i.ytimg.com/vi/m5sxc_jJGt0/mqdefault.jpg)
![How to calculate SELF EMPLOYMENT TAX deduction for retirement plans [SEP IRA + Solo 401k]](/img/tr.png)
In both the examples (W-2 100K and 66K), how are you also including Roth 401K contribution as with pre-tax Solo 401k ($22,500) and then profit sharing contributions you won't have the option/ability to also contribute to Roth 401K?
The after tax contributions can be made after the 22,500 and profit sharing up to the 66k. It’s shown in the video. $18,500 for the $100k w2 and $27k for the $66k w2.
Would you please double check on that? My CPA said I can not do that unless I pay myself more so the profit sharing would be higher up to the total of 66k. It sounds too good to be true but I hope you are right@@TravisSickle
Thank you for good info.
I have 401a and solo 401k account.
Retirement office said it will be $22,500 for 401a and I can still contribute $22,500 to my own solo 401k in 2023. Is it true??
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How did you get $38,952? 24% of which part?
tax on the total income
Do you know a good accountant that has online presence, I am in Florida!?
what type of work do you need? personal, s-corp, sole prop, taxes or book keeping?
@@TravisSickle I have an S corp , 1 employee, me! I need someone to help with personal and corporate taxes and give some advice once in a while, it’s not very complex! Thanks!
@@sourcefor looking for the same! Any luck? @travis can you help me? Thx!
Same question…single member LLC with s corp election.
No luck yet, possibly through Ramsey Solutions, checking it out!