Marissa participates in her employers nonqualified deferred compensation plan. For 2020, she is deferring 10 percent of

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Marissa participates in her employer’s nonqualified deferred compensation plan. For 2020, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income and her marginal income tax rate is 32 percent, how much tax does Marissa save in 2020 by deferring this income (ignore payroll taxes)?

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Related Book For  answer-question

Taxation Of Individuals And Business Entities 2021

ISBN: 9781260247138

12th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

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