ramon has an employer that offers a generours 401k returement plan roman is allowed to deduct up to 10% from his paycheck to go directly into his retirement account and his emplyer will pay $0.75 for every $1.00 that roman contributes if he contributes 10% of his $80,000 annual gross salary to his 401k how much will actually be going into the retirement account each year?

Question

Mackenzie Hodges

Mathematics

26 August, 11:00

ramon has an employer that offers a generours 401k returement plan roman is allowed to deduct up to 10% from his paycheck to go directly into his retirement account and his emplyer will pay $0.75 for every $1.00 that roman contributes if he contributes 10% of his $80,000 annual gross salary to his 401k how much will actually be going into the retirement account each year?

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Answers (1)

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Kinley Stone · Answer 1

14000

Step-by-step explanation:

A year he contributes : 10/100 * 80000 = 8000

Then his employer pays 0.75 * 8000 = 6000

The total money contributed to is

401k is = 8000 + 6000 = 14000