Jared Nguyen is an operations manager for a large manufacturer. He earned $110,000 in 2019 and plans
Question:
Jared Nguyen is an operations manager for a large manufacturer. He earned $110,000 in 2019 and plans to contribute the maximum allowed to the firm’s 401(k) plan. Assuming that Jared is in the 24 percent tax bracket, calculate his taxable income and the amount of his tax savings. How much did it actually cost Jared on an after-tax basis to make this retirement plan contribution?
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The 401k maximum is 19000 in 2019For those over 50 years old there is a ca...View the full answer
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Ali Khawaja
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Related Book For 
Personal Financial Planning
ISBN: 9780357438480
15th Edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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