Easily Delete Text Fields from the Deferred Compensation Plan

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How to Delete Text Fields from the Deferred Compensation Plan

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Hi, this is Greg Maxwell with Amicus Settlement Planners. Today, I want to talk a little bit about the differences between a 401(k) plan, for example, and a deferred compensation plan for contingency fee attorneys. A lot of times, attorneys will call us and say, Why dont I just max out my 401(k) plan? Why would I want to set up a deferred compensation plan instead of using a 401(k) plan? First of all, I think its probably smart to have both. Theres no reason why you cant max out your 401(k) plan and also contribute to a deferred compensation plan. Some of the differences: a 401(k) plan, as you know, has certain limitations on the amount that you can contribute each year, and theyre fairly low. If youre looking to defer more than the 401(k) plans allow, then thats a good reason to also contribute to a deferred compensation plan. The other thing with 401(k) plans or any qualified plan is that they have certain limitations on when you can start receiving payments. You cant start

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Does deferred comp reduce taxable income?

Deferred compensation plans also reduce the current years tax burden on employees. When a person contributes to a deferred compensation plan, the amount contributed over the year reduces taxable income for that year, thus reducing the total income taxes paid.

Is compensation taxed as ordinary income?

Examples of ordinary income include salaries, tips, bonuses, commissions, rents, royalties, short-term capital gains, unqualified dividends, and interest income. For individuals, ordinary income usually consists of the pretax salaries and wages they have earned.

How do I avoid taxes on deferred compensation?

Receiving your deferred compensation in installments over several years can reduce your tax bill, because the smaller installment payments will typically be taxed at a lower rate than a larger lump-sum payment will be.

How earnings from deferred compensation are taxed?

How deferred compensation is taxed. Generally speaking, the tax treatment of deferred compensation is simple: Employees pay taxes on the money when they receive it, not necessarily when they earn it.

How is deferred compensation taxed to the employer?

Nonqualified Deferred Compensation Plan Taxation on the Employer and Employee. Employer Compensation is not deductible when deferred. FICA and Medicare taxes are payable when compensation is deferred or employer contributions vest. Benefits are deductible when paid.

What happens to my deferred compensation if I quit?

If you have a qualified plan and have passed the vesting period, your deferred compensation is yours, even if you quit with no notice on very bad terms. If you have a non-qualified plan, you may have to forfeit all of your deferred compensation by quitting depending on your plans specific terms.

Can I change my deferred compensation plan?

You have to decide how much income to defer prior to the beginning of the compensation performance period (usually 12 to 24 months before you receive it)and you generally cant change your mind midyear if your circumstances change.

Is deferred compensation taxed as ordinary income?

Deferred compensation is not considered earned, taxable income until you receive the deferred payment in a future tax year. For example, the use of Roth 401(k)s as deferred compensation is an exception, requiring you to pay taxes on income when it is earned.

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