Toledo CPAs is a BBB Accredited Accountant in Toledo, OH Call us: (419)539-9590

Payroll Calculators

Subscribe to our Emailed Newsletter

Recent News

Tax Calendar

Get Answers To Your Payroll Questions

Use our online, payroll calculators to get the financial information you need. Just enter your information and you'll get the answers to your questions in the form of graphs and customized reports, personalized to your financial life.

Calculators > Qualified Plans

When you reach retirement, and if your company provides a pension program, you will be offered a number of payout options. Typically, they will be the Single Life and the Joint Survivor payout options.
Some qualified retirement plans include the option for qualifying participants to a take a loan against their retirement account balance. Many people borrow from their retirement plan to pay off high-interest debt or to make a major purchase.
Many people feel the need to withdraw funds from their 401(k) plan due to hardship or other emergency.
Compensation for a self-employed individual (sole proprietor or partner) is that person's earned income. The starting point to determine the individual's earned income is the net profit amount from the Schedule C (or Schedule K-1 for a partnership).
Consideration of NUA strategy is important if you are distributing highly appreciated employer securities from your prior employer's qualified plan, such as 401(k). Cost basis, the value of the employer contribution on your behalf is subject to ordinary income tax upon distribution.
By naming a beneficiary on your IRA account it will provide the beneficiary the opportunity to "stretch" out the IRA proceeds over his/her life expectancy. This gives the beneficiary more time to take advantage of tax-deferral status of the IRA assets.
Many factors can affect your eligibility and contribution limits to either the Traditional IRA or Roth IRA - tax filing status, your current earned income level and whether or not you participate in a retirement plan at work.
Your retirement income can vary widely depending on what type of IRA holds your savings and what assumptions you make about return and tax rates during the accumulation and withdrawal periods.
Roth IRA is a great way for clients to create tax-free income from their retirement assets. Yet, keep in mind that when you convert your taxable retirement assets into a Roth IRA you will generally pay ordinary income tax on the taxable amount that is converted.
It may surprise you how significant your retirement accumulation may be simply by contributing regularly to a qualified plan.
Current tax law specifies that once you reach age 70 1/2, you must begin taking RMDs annually from your IRAs and other retirement plans. Generally, the RMD amount is determined based on your prior year's IRA balance of all of your IRA assets divided by your life expectancy.
Current tax law specifies that once you reach age 70 1/2 you must begin making taxable withdrawals from your Traditional IRAs and many other retirement plans. These minimum distributions are calculated annually based on your age, account balance at the end of the previous year, marital status and spouse's age.
You've spent a long time accumulating funds in your retirement account. When you retire and take distribution of your funds you have many options to consider.
Many employees are not taking full advantage of their employer's matching contributions. If, for example, your contribution percentage is so high that you obtain the $18,500 (year 2018) limit or $24,500 (year 2018) limit for those 50 years or older in the first few months of the year then you have probably maximized your contribution but minimized your employer's matching contribution.

Business Hours

Mon Tue Wed Thu Fri Sat Sun
9am 9am 9am 9am 9am
5pm 5pm 5pm 5pm 5pm
  • This was my first year using Toledo CPAs and they were incredible! Staff was delightful and they made the process so easy for me. I got a better then expected return and they set me up with tax estimates for the year to come. Needless to say I will be going back to them every year!
  • The amount of stress Tom, Nathan, and the staff has taken off of me has been a blessing. I can run my business and they take care of everything on the financial side. Knowledgeable, friendly, helpful, informative and affordable are only some of the many great things this company has to offer
  • I had a consultation with Tom about some business tax preparation questions I had. Simple, easy to understand answers, which I really appreciated. Friendly staff, very professional, I felt like they were truly concerned.
  • This is my 10th year with Toledocpa and looking forward for more to come! I want to thank you Tom and your staff for all those years! Congratulations on your new office Downtown! Wishing you the very best always!