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How much did it actually cost john on an after-tax

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Question - John Yee is an operations manager for a large manufacturer. He earned $68,000 in 2006 and plans to contribute the maximum allowed to the firm's 401(k) plan. Assuming that John is in the 28 % tax bracket, calculate his taxable income and the amount of his tax savings. How much did it actually cost John on an after-tax basis to make this retirement plan contribution?

Reference no: EM133157521

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