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Level 1
posted Feb 23, 2023 4:20:20 PM

Solo 401(k) - exempt from which taxes?

Hey guys -  Single person New Jersey LLC taxed as S-corp setup here (filing quarterly 941s, and just one w-2 for myself as employee).    Which taxes is the solo Fidelity  401(k) plan exempt from. Can someone please advise on items 1-14 below thanks:
 
EMPLOYEE CONTRIBUTIONS :
  1. Federal Income Tax (FIT) - Exempt?
  2. State Income Tax (SIT) - Exempt?
  3. FICA - Not Exempt?
  4. Medicare - Not Exempt?
  5. Local Taxes - Exempt?
  6. Federal Unemployment (FUTA/FUI) - Not Exempt?
  7. State Unemployment Tax (SUTA) - Not Exempt?
EMPLOYER CONTRIBUTIONS:
8. Federal Income Tax (FIT) - Exempt?
9. State Income Tax (SIT) - Exempt?
10. FICA - Exempt?
11. Medicare - Exempt?
12. Local Taxes - Exempt?
13. Federal Unemployment (FUTA/FUI) - Exempt?
14. State Unemployment Tax (SUTA) - Exempt?

0 3 1416
3 Replies
Employee Tax Expert
Feb 23, 2023 6:22:03 PM

Here are the answers:

1. EXEMPT

2. EXEMPT

3. NOT EXEMPT

4. NOT EXEMPT

5. Can you clarify which local taxes?  If it is Newark, they follow federal treatment so EXEMPT

6. NOT EXEMPT

7. NOT EXEMPT

8. EXEMPT

9. EXEMPT

10. NOT EXEMPT

11. NOT EXEMPT

12.EXEMPT (IF NEWARK)

13. NOT EXEMPT

14. NOT EXEMPT

 

Level 1
Feb 25, 2023 6:37:39 PM

thank you - re: local taxes question, that would be for jersey city?

Employee Tax Expert
Feb 26, 2023 6:10:41 AM

Local taxes would apply to the municipality in which the business was located or transacted business.