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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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March 2, 2020
12:02 PM