Clayton participates in his employers nonqualified deferred compensation plan. For 2022, he is deferring 10 percent of
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Clayton participates in his employer’s nonqualified deferred compensation plan. For 2022, he is deferring 10 percent of his $320,000 annual salary. Assuming this is his only source of income and his marginal income tax rate is 32 percent, how much does deferring Clayton’s income save his employer (after taxes) in 2022? The employer’s marginal tax rate is 21 percent (ignore payroll taxes).
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Related Book For
Taxation Of Individuals And Business Entities 2023 Edition
ISBN: 9781265790295
14th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
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