Brad Shin is an operations manager for a large manufacturer. He earned $68,500 in 2012and plans to

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Brad Shin is an operations manager for a large manufacturer. He earned $68,500 in 2012and plans to contribute the maximum allowed to the firm's 401(k) plan. Assuming that Brad is in the 25 percent tax bracket, calculate his taxable income and the amount of his tax savings. How much did it actually cost Brad on an after-tax basis to make this retirement plan contribution?
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Personal Financial Planning

ISBN: 978-1305636613

14th edition

Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk

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