401k Retirement Plan

Improved Essays
I plan to sign up with a 401k retirement plan because most tech companies offer this kind of plan. Having a traditional 401k plan will allow me to save money towards my retirement without having to pay federal taxes on my savings until I withdraw. It also lets me partake in a mutual fund that allows me to invest into many kinds of stocks. This will help me generate revenue because investing in stocks usually does well against inflation and generates twice the revenue of bonds. The impact of personal taxes is nothing out of the ordinary because they affect every person that works. In my case, programmers earn about an average salary of $80,930 which is hefty amount of money. People get taxed more or less depending on their income level, state

Related Documents

  • Decent Essays

    Four Year Plan

    • 507 Words
    • 3 Pages

    Boston High School Education Four Year Plan for High School When applying for the Ivy League schools and other top schools, the applicants are required to submit not only their GPA, class ranking, and SAT scores, but also their extracurricular activities and community service, all in a detailed statement paper to the college’s admissions office. If one is thinking about applying for an Ivy League schools, they must be ready for whatever high school can throw at them, and come out on top of the heavy workload of their four years. Usually, some students and parents consider and start research college applications in junior or senior year. It is definitely too late if he or she did not start preparing as a freshman. Even though GPA, and SAT scores are…

    • 507 Words
    • 3 Pages
    Decent Essays
  • Decent Essays

    529 Plan Research Paper

    • 66 Words
    • 1 Pages

    A 529 plan is a tax-advantaged savings plan for your education. Start a 529 Education Savings Plan for college education of your children. Open the account as soon as your child is born and inform friends and family of this account as the gifts pour in. Many times, family members will contribute to the education fund if they know you already have an account set up.…

    • 66 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    401k To IRA Accounts?

    • 500 Words
    • 2 Pages

    Is there an advantage of rolling 401k to IRA accounts? Read and find out! If you're wondering; what's the best way to roll over 401k to IRA accounts, you are probably changing jobs. During this time of transition, you need fewer headaches, not more.…

    • 500 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Estate Planning Dbq

    • 928 Words
    • 4 Pages

    Death comes to all. Although science has made numerous advances in the past few decades, humans have yet to discover a way to avoid this eventuality. For some, it happens at an early age, yet others live to be 100 or more. Every individual needs to look into estate planning at an early age and obtain estate planning assistance in AZ regularly, as their circumstances change, to ensure their loved ones are protected upon their death. Doing so allows the deceased to have more say over his or her finances and to ensure loved ones are spared from having to handle his or her affairs while dealing with their grief.…

    • 928 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    During World War II, Franklin D. Roosevelt came up with a plan to secure the retirees. Social security was invented, and still is a pay-as-you-go program. The workers pay taxes and the beneficiary receives the money, with a promise to the young worker that the same benefits would be there when he retires. This system was very beneficial when it started, but because of the baby boomers coming to the age of retirement the system is imploding on itself. The current social security system should be replaced by a mandatory private pension system.…

    • 892 Words
    • 4 Pages
    Improved Essays
  • Decent Essays

    ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 The Economic Growth and Tax Relief Reconciliation Act of 2001 was the first major tax cut legislation signed into law by President George W. Bush. The tax cuts were to be temporary, lasting 9 years before expiring in December 2010.11 The Tax Act of 2001 affects all taxpayers for the rest of the decade. However, since it contains a sunset provision, Congress must affirm the law or the changes will end after December 31, 2010.…

    • 292 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    How Do Tax Shelters Work

    • 504 Words
    • 3 Pages

    How Tax Shelters Work kw: tax shelters Meta: You know that tax shelters are used to hide wealth, but that is about it. Find out how tax shelters work. Tax shelters are technically any kind of legal strategy that someone uses to limit the amount of taxes that someone owes. While many people think that a tax shelter is illegal, this is not always the case.…

    • 504 Words
    • 3 Pages
    Improved Essays
  • Great Essays

    Essay On Flat Tax

    • 1418 Words
    • 6 Pages

    Tax is a compulsory contribution to state revenue, levied by the government on worker’s income and business profits or added to the cost of some goods, services, and transactions (Oxford Dictionary). The federal income Tax system is now at a center of public debate. To illustrate, The United States is currently practicing progressive tax system, which means a person who earns higher income pays higher tax rate. Whereas another income tax system is call flat tax, which is a tax system with a constant marginal rate in which all taxpayers are taxed at the same rate with no regard of the total income earned. Supporters for flat tax believe that flat tax is simple, fair, and good for the growth of the economy.…

    • 1418 Words
    • 6 Pages
    Great Essays
  • Improved Essays

    The current Old Age Security is a basic pension offered to almost all seniors that are 65 years old or older and has been a Canadian resident for a certain amount of time. Depending whether the individual is living in or out of Canada, changes their eligibility through the amount of time they must reside in Canada. For those who live in Canada, they must have stayed in the country for more than 10 years after turning the age of 18 and for those who live out of Canada, they must live in the country for 20 years after turning the age of 18 (Old Age Security Pension, 2015). This pension includes two add-ons, the Guaranteed Income Supplement and the Spouses Allowance, which are extra income-test benefits to help those with little to no income…

    • 1033 Words
    • 5 Pages
    Improved Essays
  • Superior Essays

    The continuing rise of economic inequality and wealth inequality in America is one of the biggest issues in the country. Currently the top five percent in America hold seventy-four percent of the country’s wealth, leaving the other ninety-five percent of Americans are struggling financially to survive. In this article, How Experts Would End Inequality if They Ran America, written by Stein, there are several different explanations on how to address the rising income inequality in the U.S., the four suggestions that I chose were written by Boushey, Azzerad, Tedeschi and Kelton. Boushey argues that universal access to child care will drive down the inequality within our country. Azzerad states that in order to combat the current rise in income…

    • 1421 Words
    • 6 Pages
    Superior Essays
  • Superior Essays

    Mandatory Private Pension

    • 816 Words
    • 4 Pages

    America's Social Security system is in serious trouble. Payroll tax rates have been increased over the past 40 years. Social Security has become an increasingly bad deal for American workers who must pay record high taxes to a system that provides only meager levels of income for their retirement years. The current social security system is no longer a feasible approach to providing social security. Mandatory private pension systems not only offer an alternative to the failing system we are currently using, but it also offers citizens’ opportunities to make choices and have a greater control over their futures.…

    • 816 Words
    • 4 Pages
    Superior Essays
  • Improved Essays

    I do plan to get married hopefully in my late twenties and have kids in my early thirties. I can afford to have life insurance and pay for the college tuition for my children by creating college savings plans such as the 529 plan. This will allow me to save for my children's education by allowing me to invest my funds and not have to pay any taxes on the investments or when I take the funds out. I wouldn’t mind my kids having a job to help pay for their college tuition just give them a glimpse of money management themselves. Another alternative is community college to help save for the first couple of years and allow my kids to take some time to decide what they want to do in life.…

    • 270 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Medicare Advantage Plan

    • 243 Words
    • 1 Pages

    Tina, There are some great benefits; however, Medicaid vulnerability population such as the mental illness population continues to grow. Great information Tina, I though all states provides services for patients with a mental illness or with a substance abuse disorder children or adults. Research reported, Medicare Part A Hospital Insurance covers inpatient mental health care services when patient go into hospital Part A also covers patients rooms, meals, nursing care, and other related services and supplies.…

    • 243 Words
    • 1 Pages
    Improved Essays
  • Improved Essays

    Planned Parenthood Speech

    • 692 Words
    • 3 Pages

    Good afternoon, ladies and gentleman. For those who do not know me, I am Chris Christie. I decided to run as a Republican Presidential candidate for the 2016 elections. Before I start, I want to apologize for the comments and actions I made towards certain groups. I apologize to the LGBT community for the comments I made over the Supreme Court’s decisions on the legalization of gay marriage.…

    • 692 Words
    • 3 Pages
    Improved Essays
  • Superior Essays

    America's First Income Tax

    • 1230 Words
    • 5 Pages

    Are you one of those people that every once a year you have the obligation to do taxes? Whether you like it or not this is a duty that must be accomplished in order to not get into a dilemma with the government. In order to do your taxes you must know the history and how they came to be. If not, you are just doing paperwork for the government without knowing what you're getting yourself into.…

    • 1230 Words
    • 5 Pages
    Superior Essays