Calculating Maximum 403b contribution

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jeam3131
Posts: 42
Joined: Sun Aug 26, 2018 2:48 pm

Calculating Maximum 403b contribution

Post by jeam3131 » Tue May 14, 2019 6:23 pm

I will be switching jobs in the next few months and will lose my ability to contribute to a 403b/401k. I want to maximize the last few months to get as close to the $19,000 yearly limit. I am trying to figure out my maximum monthly contribution, as I am paid once a month.

If my monthly total gross income is $5600, I believe I can contribute $5000, accounting for SS, medicare taxes, and benefit costs. Here is my math:

5600 - 5600x0.062 - 5600x 0.00145 - 100 (pre-tax benefit costs).

Seem correct?

Thanks

fposte
Posts: 1490
Joined: Mon Sep 02, 2013 1:32 pm

Re: Calculating Maximum 403b contribution

Post by fposte » Tue May 14, 2019 6:26 pm

You need to check with your employer first; some have limits like 80% of paycheck that you'd need to factor in.

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FiveK
Posts: 6760
Joined: Sun Mar 16, 2014 2:43 pm

Re: Calculating Maximum 403b contribution

Post by FiveK » Tue May 14, 2019 11:40 pm

It's .0145 not .00145 but yes to both your question and fposte's point.

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