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Andrew Schwartz CPA
Nov 29, 2007 - 4:05PM
Re: retirement accounts

For businesses that offer 401k plans, the total amount contributed into their staff's retirement accounts is a combination of salary deferrals, matching contributions, and additional profit sharing plan contributions.

For 2008, the maximum salary deferral is $15,500, while the maximum total contribution into the plan for the year is $46,000. Please note that the $46,000 includes the salary deferrals.

You should probably speak with the practice's business manager, or the plan administrator, to find out how much the group generally contributes on behalf of its staff and its partners.

Zip Code: 01801

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