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Deductible contribution |
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Deductible contributionAmount paid into an IRA, an employer-sponsored retirement plan, or other type of retirement plan for a particular tax year that is a deduction from income for tax purposes.Deductible contribution Similar MatchesContributions AgencyContributions AgencyAn executive agency within the Inland Revenue. The Contributions Agency deals with all aspects of NI (National Insurance) contributions. The agency has locations throughout the country. Free standing additional voluntary contributionsFree standing additional voluntary contributionsAn employee's pension scheme which is additional to but independent from his occupational pension scheme. The maximum amount which may currently be contributed to an employee's pension fund is 15% of salary (which includes benefits in kind) including his company scheme. For example if an employee is contributing 10% of his salary to a company scheme, a further 5% can be paid by that employee in each tax year into FSAVCs or AVCs. However, the employer and employee contributions when combined must not produce benefits in excess of Inland Revenue maximums. Voluntary deductible employee contribution planVoluntary deductible employee contribution planA type of pension plan in which an employee elects to have regular payments deducted from each pay check. Federal Insurance Contributions ActFederal Insurance Contributions ActIn the US, the federal law which directs employers to withhold a proportion of employees' salaries for payment to the government in order to provide future pension and other social security benefits. Excess contributionExcess contributionThe amount by which an IRA contribution exceeds the allowable limits. If an excess contribution is not properly corrected, a 6% IRS penalty applies. Further SuggestionsEquity contribution agreementContribution Contribution Equal percentage contribution rule (EPCoR) Contribution margin Defined contribution plan defined contribution pension plan money purchase scheme (defined contributions scheme) General Average Contribution simplified defined contribution scheme National Insurance (NI) Contributions Nondeductible contribution additional voluntary contributions |
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