In 2023, an employee has annual gross salary of $86,000, annual taxable income of $43,000...
60.1K
Verified Solution
Link Copied!
Question
Accounting
In 2023, an employee has annual gross salary of $86,000, annual taxable income of $43,000 (before retirement contributions) and a flat income tax rate of 23%. He makes an annual tax deferred contribution of 3% to his traditional 401K. The employer matches 50% up to 1% of annual gross salary. How much will this employee have saved in 2023? Include all 2023401K contributions and tax savings from 2023401K contributions. Exclude investment earnings. $4,463$4,033$,440$2,232
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.