Discussion:401(k) deductions
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Discussion Forum Index --> Accounting Questions --> 401(k) deductions
| 10 February 2009 | |
| If an employee participates in a 401(k), has a gross salary of $1,000, and contributes $50 pre tax per pay period, does the FICA and Medicare get calculated on the $1,000 or on $950?
Just ran thru a Quickbooks default set up for this scenario, and it only changed the income base for the state and federal withholdings. FICA and Medicare were unaffected. Is this correct? | |
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