Your employer provides a 401(k) plan with a matching contribution of 5% of your salary if you put in at least 5% of your salary. If your monthly salary is $1500, then how much must you contribute to your retirement account each month in order to receive the the matching contribution from your employer?

Question 39 (0.5 points)

You made a tax-deductible contribution to your individual retirement account (IRA) of $1050 this year. You pay a marginal tax rate of 25%. How much money do you save on taxes this year due to your IRA contribution?