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Calculate taxable income and the amount of tax savings

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Problem - After-tax cost of 401(k) contribution. Luis Gomez is an operations manager for a large manufacturer. He earned $68,500 in 2018 and plans to contribute the maximum allowed to the firm's 401(k) plan. Assuming that Luis is in the 24 percent tax bracket, calculate his taxable income and the amount of his tax savings. How much did it actually cost Luis on an after-tax basis to make this retirement plan contribution?

Reference no: EM132696037

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