 I am an 18-year-old college student w/ not a lot of money, what is the best chase credit card i should get? |
i was thinking of the bp rewards visa?
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i am getting one so i can build a credit rating, which i do not have right now, so yeah, i dont intend to charge very much on ... |
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 How can i make money VERY QUICKLY?!? |
i have a part-timer...but i need to make money right now!!!
how can i have about 4000 dollars in a month or 2?
please help me! It is for a VERY important reason!
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 What is the best legal way to try to make $2000 in a very short amount of time? |
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I am not looking for snide comments.
I am working 2 jobs right now and also do sell on ebay. I am looking for legit ideas to get us thru this cash flow problem ... |
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| How much money do you have in your wallet right now? |
"I resolved to stop accumulating and begin the infinitely more serious and difficult task of wise distribution." Andrew Carnegie, Businessman and Philanthropist.
Have a Great Day ... |
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aquaspongebob | Is it true that the government takes 50% of your 401K when you retire? |
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VinTek
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It is possible, but unlikely. You will be taxed at the rate that is current for your tax bracket. If you have a considerable amount of income when you withdraw all or part of your money, your combined federal and state income tax rates could reach 50% or more. At today's tax rates, that's a near impossibility, but if tax rates rise by the time you retire, it could happen.
One of the reasons you defer taxes until retirement is because it is presumed that you will no longer be an active earner in the work force, which would place you in a lower tax bracket. Again, this helps to make a 50% tax bracket an unlikely occurrence for you when you retire. |
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naughty_sharky
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Hell no. |
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Thomas F
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Short answer: no.
Long answer - they take some, but it depends on your tax bracket, and how quickly you withdraw funds. Unless the tax rates zoom upwards, 50% is not happening, but 20 - 30% might. |
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HH@20
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Your 401k remains intact. As you withdraw funds you pay the tax as if you earned the money you withdraw at the tax rate for your income level. At this time the top rate for those earning over $330k is 35%. Your state may also have an income tax. If you would be paying 50% you wouldn't have to worry about it. |
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mrs.smith
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yep |
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Minderaser
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NO |
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?
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No, there is a penalty for early withdrawal of about 10% I think. |
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LADY GEMINI
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NO THEY DON'T. |
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jean
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kinda but not really, the money you contribute to your plan isn't taxed because you deduct the amount when you file income tax each year, so when you retire, you will have to pay tax.
it won't be 50% but you will have to pay tax when you withdraw as it's part of your income |
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Oh Boy!
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No |
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-:¦:-SKY-:¦:-
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I agree, nope! |
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Raidered81
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No, your 401K withdrawals are treated the same as any kind of withdrawal that is considered income, based on your tax basis. So , if you are in a 15% tax bracket, then anything you withdraw from your 401K would be in that tax bracket (this is very simplified and based on you reaching retirement age)
However, with the cost of government going up, I can see where 50% may come into play some day LOL |
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