I get paid as an Independent IT/Management contractor directly in my bank account for a European based Startup. [ I do not get 1099 as its a European startup with nothing in US]
I will report this in Schedule C.
I have opened a SOLO 401k with Nabers group
Lets say my income is 100,000 [ no expense incurred - this is total what I get in my account at the end ]
I can pay as an employee 22,500
Question 1
What do I pay as maximum as an employer ?
Is it [100000 - (15.3*.05*100000) ] * 20% ?
Is it [100000 - (15.3*.05*100000) ] * 25% ?
Is it [100000 - (15.3*.05*100000) -22500 ] * 20% ?
Is it [100000 - (15.3*.05*100000) -22500] * 25% ?
