Which statement about 401(k) plans is true?

A. You pay taxes on the 401(k) before the money is deducted from your paycheck
B. You cannot make catch-up payments later in life
C. You can only contribute up to a maximum amount per year
D. You can only contribute certain specified amounts

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31-08-2022
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Which statement about 401(k) plans is true?

A. You pay taxes on the 401(k) before the money is deducted from your paycheck
B. You cannot make catch-up payments later in life
C. You can only contribute up to a maximum amount per year
D. You can only contribute certain specified amounts

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Baraq Baraq · Answer 1 · 2022-09-02T14:31:40+02:00

The statement about 401(k) plans that is true is option B. You cannot make catch-up payments later in life. Hence, the correct answer is option B. Read below about 401(k) plans.

What is 401(k) plans?

A 401(k) plan is a retirement savings plan given or proposed by many American employers that has tax advantages for the saver. 401(k) plan is a name gotten from a section of the U.S. Internal Revenue Code (IRC).

The worker who appends a 401(k) agrees to have a percentage of each paycheck paid directly into an investment account. The employer may match part or all of that contribution. The worker has the opportunity to decide which among a number of investment options to opt for.

Therefore, the correct answer is as given above

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Which statement about 401(k) plans is true? A. You pay taxes on the 401(k) before the money is deducted from your paycheck B. You cannot make catch-up payments later in life C. You can only contribute up to a maximum amount per year D. You can only contribute certain specified amounts

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What is 401(k) plans?

Otras preguntas

Which statement about 401(k) plans is true?

A. You pay taxes on the 401(k) before the money is deducted from your paycheck
B. You cannot make catch-up payments later in life
C. You can only contribute up to a maximum amount per year
D. You can only contribute certain specified amounts