Marissa participates in her employers nonqualified deferred compensation plan. For 2018, she is deferring 16 percent of her $392,500 annual salary. Assuming this is her only source of income and her marginal income tax rate is 32 percent, how much tax does Marissa save in 2018 by deferring this income (ignore payroll taxes)? (Round your final answers to the nearest whole dollar amount.)

What is the amount of taxes saved?