I tried looking up this up on Google but there were too many irrelevant search results. I also perused through the Roth 401(k) Plan documents but was not able to find a section on this.
My salary is in the 30-40k range. My net income per pay period is less than 50 dollars because I contribute around 3/4's of my income to the Roth 401(k). I was wondering: I can theoretically contribute up to 90% per pay period since this is the limit according to the Plan, what happens if I elect to contribute a percentage that cuts into the income that usually goes to payroll taxes?
Would a company's accounting department even allow this to occur? Would it just be as simple as having a higher tax bill at the end of the year? Or, given that the accounting department does not care or does not catch it, would the IRS come after me for under-withholding?
Thanks a lot!