If my monthly gross salary is about $11,175 (before any tax, medical and retirement deductions) and my employer will match $0.5 cent per dollar up to 4% of my pay, does that mean that I need to contribute at least $2,682 for 2020 to receive full employer match for the year? Please let me know if this calculation is incorrect.
Are my employer match contributions deduced from my taxable income? If not, how do I report it on my tax return?
Thank you.
