You earned 88,000 last year. You put 4500 in an IRA and 2400 in a 401(k). You will deduct the total from your taxable income. What did you just save in federal income taxes if you are in a tax bracket that pays 25% of your income in federal income taxes per year?

Question

20-06-2024
Mathematics

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You earned 88,000 last year. You put 4500 in an IRA and 2400 in a 401(k). You will deduct the total from your taxable income. What did you just save in federal income taxes if you are in a tax bracket that pays 25% of your income in federal income taxes per year?

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