Voluntary deductible employee contribution plan


 

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Voluntary deductible employee contribution plan

A type of pension plan in which an employee elects to have regular payments deducted from each pay check.



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Contribution

Contribution

Money placed in an individual retirement account (IRA), an employer-sponsored retirement plan, or other retirement plan for a particular tax year. Contributions may be deductible or nondeductible, depending on the type of account.


Nondeductible contribution

Nondeductible contribution

A contribution to either a traditional IRA or Roth IRA. Income tax is due on the contribution in the tax year for which the contribution is made.


Federal Insurance Contributions Act

Federal Insurance Contributions Act

In 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.


Deductible contribution

Deductible contribution

Amount 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.


Contributions Agency

Contributions Agency

An 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.


Further Suggestions

General Average Contribution
Contribution margin
additional voluntary contributions
Equal percentage contribution rule (EPCoR)
money purchase scheme (defined contributions scheme)
Equity contribution agreement
National Insurance (NI) Contributions
simplified defined contribution scheme
Defined contribution plan
free standing additional voluntary contributions
Contribution
defined contribution pension plan
Excess contribution


 
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