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What will his reportable income be

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Question: Juan Gonzalez, a single person working for Harla, Inc., will earn $48,000 in 2015 and contribute $7,000 to the firm's 401(k) plan. If Juan is in the 25% tax bracket, what will his reportable income be? How much tax savings will result, and how much will it cost Juan, on an after-tax basis, to make the $7,000 contribution?

Reference no: EM131627546

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