the numbers
430.2 fed w/h
13334. 401k contribution which should be reported in box 12(d) of w-2
826.70 fica
193.34 medicare
total 14784. 24
so box 1 would need to be 14784.24 -13334 = 1450.24 in box 1 but then fica and medicare are wrong
to end up with a $0 net paycheck and have the numbers be correct
and use 430.20 for withholding and $13334 as 401k contribution
gross would need to be 14904.38
less 401k of 13334 = box 1 or 1570.38
1570.38
less 430.20 federal withholding
less 924.07 fica = 6.2% times 14904.38
less 216.11 medicare = 1.45% times 14904.38
net $0 paycheck.
in effect, it's not possible to end up with box 1 being $0 because of the need to take out at least fica and medicare taxes.
the 401k rules for 2020
employee elective deferral limited to $19,500 (up to an additional $6,500 if age 50 or older at the end of 2020). employer, that is the S-Corp, can contribute up to 25% of gross wages (ie before employees 401k contribution). employer and employee contributions limited to a total of the lesser of 100% of wages or $57,000 (additional $ 6500 for each employee over 50 at year end)
