I make 45000 per year and I'm in a 25% tax bracket.if I contribute 24,00...

90.2K

Verified Solution

Question

Accounting

I make 45000 per year and I'm in a 25% tax bracket.if I contribute 24,00 to my 401k plan at work,by how much will this lower my taxable income?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students