A marketing executive earns an annual salary of $78,300, and she contributes $6,500 per year to her 401(k) plan. If she has a re

Question

2 years ago

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A marketing executive earns an annual salary of $78,300, and she contributes $6,500 per year to her 401(k) plan. If she has a re

quired deduction for income taxes (federal, state, and local combined) of 27% of pretax income, how much is withheld in income taxes per year?

Mathematics

2 answers:

saveliy_v [14] · Answer 1 · 2023-01-18T14:06:15+03:00

Answer:

With the assumption being made that the 401-k deductions are pre-tax deductions your calculation is as follows:78,300 - 6,500 = 71,800 (this is your new taxable value)71,800 * 0.27 = 19,386 (This is the amount that will be withheld in income taxes per year.Your answer is A.

Shalnov [3] · Answer 2 · 2023-01-18T16:05:53+03:00

Answer:

Step-by-step explanation:

With the assumption being made that the 401-k deductions are pre-tax deductions your calculation is as follows:

78,300 - 6,500 = 71,800 (this is your new taxable value)

71,800 * 0.27 = 19,386 (This is the amount that will be withheld in income taxes per year.