You earned $88,000 last year. You put $4,500 in an IRA and $2,400 in a 401k. You will deduct the total from your Federal

Income taxes. What did you save just in Federal Income Taxes if you are in a tax bracket that pays 25% of your income in Federal Income

Taxes per year?

Question

Davidson

Business

28 June, 18:42

You earned $88,000 last year. You put $4,500 in an IRA and $2,400 in a 401k. You will deduct the total from your Federal

Income taxes. What did you save just in Federal Income Taxes if you are in a tax bracket that pays 25% of your income in Federal Income

Taxes per year?

+3

Answers (1)

Know the Answer?

Harrell · Answer 1

1725

Explanation:

First you have to find add 4,500 to 2,400 to get 6,900 then you subtract that amount from 88,000 to get 81100, then all you have to do is find the difference between 25% of 88,000 (22000) and 811000 (20275). 22,000 - 20275 is 1725

You earned $88,000 last year. You put $4,500 in an IRA and $2,400 in a 401k. You will deduct the total from your FederalIncome taxes. What did you save just in Federal Income Taxes if you are in a tax bracket that pays 25% of your income in Federal IncomeTaxes per year?

You earned $88,000 last year. You put $4,500 in an IRA and $2,400 in a 401k. You will deduct the total from your Federal

Income taxes. What did you save just in Federal Income Taxes if you are in a tax bracket that pays 25% of your income in Federal Income

Taxes per year?