Asked 2/16/2009
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Do you pay social security tax on 457 plan deductions? 457 is pretax for federal and state wages is it also pretax for social security and medicare wages? |
Answer 1/2 - Submitted 3/24/2010
Do you pay social security tax on 457 plan deductions?You can contribute up to the basic annual limit of $16,500 ($22,000 if you are age 50 or older ) If you are within three years of normal retirement age, you may be able to contribute up to twice the basic annual limit.Your account grows tax free until you withdraw the money.
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