Question
5. Maria works for a not-for-profit company that offers 50% matching for their 403(b) plan. A 403(b) plan is very similar to a 401(k) plan
5. Maria works for a not-for-profit company that offers 50% matching for their 403(b) plan. A 403(b) plan is very similar to a 401(k) plan and allows employees to invest their money pre-tax. The plan predicts investors will earn 4%.
If Maria invests $162 per month. Find how much money her company will match every month.
What is the total amount that will be added to Maria's account every month?
Round your answer to the nearest cent.
6. Maria works for a not-for-profit company that offers 50% matching for their 403(b) plan. A 403(b) plan is very similar to a 401(k) plan and allows employees to invest their money pre-tax. The plan predicts investors will earn 4.4%.
If Maria invests $239 per month. Find how much money her company will match every month.
Find the total amount that will be added to Maria's account every month.
How much money will be in Maria's account when she retires in 33 years?
Round your answer to the nearest cent.
7. Ted has started an 401k. His current income tax bracket is 35%. He is saving $208 a month by putting it into his 401k.
How much income tax will Ted delay in paying every month by putting his money into an 401k?
(monthly contributions in 401k * income tax rate)
Round your answer to the nearest cent.
8.Ted has started an 401k. His current income tax bracket is 32%. He is saving $216 a month by putting it into his 401k.
Find how much income tax will Ted delay in paying every month by putting his money into an 401k.
How much will Ted's take home pay decrease each month?
Round your answer to the nearest cent.
9. Ted has started an 401k. His current income tax bracket is 35%. He is saving $192 a month by putting it into his 401k.
Find much income tax will Ted delay in paying every month by putting his money into an 401k.
Ted plans to retire in 34 years.
How much total income tax will Ted delay in paying over the 34 years?
Round your answer to the nearest cent.
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