Effective after-tax cost of 401(k) contribution Jared Nguyen is an operations manager for a large manufacturer. He earned $70,000 in 2019 and plans to contribute the maximum allowed to the firm's 401(k) plan. Assuming that Jared is in the 22 percent tax bracket, calculate his taxable income and the amount of his tax savings from contributing to the firm's 401(k) plan. Assume an individual employee can but as much as $19,000 into a tax-deferred 401(k) plan. Assume a standard deduction of $12,200 and no personal exemption. If necessary, round the answers to the nearest dollar Taxable income Amount of his tax savings from contributing to the firm's 401(k) plan How much did it actually cost Jared on an after-tax basis to make this retirement plan contribution? If necessary, round the answer to the nearest dollar