benpark8052 benpark8052

08-02-2020
Business

contestada

A single person with a monthly taxable income of $7,000 in the 28 percent marginal tax bracket forgoes consumption and instead places $450 into a tax-sheltered retirement plan every month. What are the yearly tax savings due to these retirement contributions?

Respuesta :

muratkhanmoldir00 muratkhanmoldir00

08-02-2020

Answer:

Explanation:

Total amount of deposit in 1 year equals 450*12=5400

Tax savings because of this contribution = 5400*0.28=1512

So, tax savings is 1512

Answer Link

Otras preguntas

The most accurate and safest measure of doneness of meat would be to stick the thermometer ______________ of the cut of meat ?

Introduction to Geometry - Points, Lanes and Planes Partitioning a Line Segment - Part 1 Independent Practice

The concepts and tools used to measure the performance of people and departments are known as: _________ a) delegation of decision making. b) strategic contro

Ezmerelda jewelers has a marginal tax rate of 32 percent and an average tax rate of 20.9 percent. if the firm owes $34,330 in taxes, how much taxable income did

Find the area and perimeter. The figure shows a triangle. One side is given by x minus 7 units. The second side is given by 2 x plus 5 units. The third side is

Your vehicle has 5 seats with safety belts (including the driver seat). you have 6 people, including yourself that need to go somewhere. you should?

Try it < Previous Activity Analyzing Statements about a Right Cone 6 15 Which statements are true? Check all that apply. The radius of the cone is 9 units. T

On a coordinate plane, a curved line begins at point (negative 2, negative 3), crosses the y-axis at (0, negative .25), and the x-axis at (1, 0). What is the do

Who was the wealthy florentine responsible for the vast patronage of renaissance artists?

Eric rented a truck for one day. There was a base fee of 19.95 and there was an additional charge of 97 cents for each mile driven. Eric had to pay 190.67 when