My company permits a contribution of a 100% of the paycheck towards the 401k. My question is, if I were to pick a 100% contribution amount, would I be liable for any taxes in the number of paychecks that it would take to reach the annual contribution limit?
For example, given that the 2013 contribution limit is
$17500, and if I earn
$2500 per week (pre-tax), it would take me
7 weeks to reach the limit. In those 7 weeks, would I pay any taxes at all (be it state, federal or Social Security/Medicare)?
Adding company match information, based on a comment: "Your employer will make Safe Harbor Qualified Automatic Contribution Arrangement matching contributions to your account based on your contributions. The amount will equal 100% of the first 1% of compensation you contribute to the Plan and 50% of the next 5% of compensation you contribute to the Plan."
Will this be impacted by the contribution over just a short timeframe (7 weeks in the example?)