JohnB5677
Expert Alumni

Retirement tax questions

There are multiple things I don't know.  Provided your company will accept a contribution, here are some numbers to start

 

Gross Income:     48,000

Less 6% 401K      -2,880

Net Income          45,120

Less Deduction  -12,200  Single Standard deduction

Taxable Income   32,900

 

This puts you in the 12% bracket

$2,800 / 12% = $23,333 to get that level of tax deduction

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