Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
Q: Joe makes $60,000 a year and wants to begin saving for his retirement in a 401K account. He can contribute a maximum of 15% of his gross salary each year, and, if he contributes 15%, his employer
will contribute 5% of his salary to his 401K. Joe’s tax rate is 22% of his income, but any money he contributes to his 401K will not be taxed; only the money remaining after he makes his contribution will be taxed. Based on this information, which of the following statements is true? If Joe contributes 15% of his salary to his 401K, he will pay $2,200 less in taxes. If Joe contributes 10% of his salary to his 401K, he will lose more in potential contributions than he saves. In four years Joe will have the equivalent of one year’s salary in his 401K. If Joe contributes the maximum amount he is allowed to his 401K, he will have $12,000 in his 401K account at the end of the first year.
A: This question has not been answered. Can you answer it? Please add your answer below ...
Question
Asked 3/7/2012 11:38:41 AM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
26,823,967 questions answered
Popular Conversations
What does throttle mean?
4/16/2018 10:25:30 AM| 5 Answers
How many amino acids are there? A. Three B. Seven C. ...
Weegy: Amino acids are organic compounds that combine to form proteins.
4/20/2018 7:55:39 AM| 3 Answers
Solve 7(x - 3) = -70.
Weegy: Step 1. 5x-10-3x+12=10 Step 2. 2x+2=10 Step 3. 2x=8 ...
4/20/2018 11:45:54 AM| 3 Answers
Ancient cyanobacteria released ______, which assisted in creating the ...
Weegy: Cyanobacteria, is a phylum of bacteria that obtain their energy through photosynthesis. User: The epoch in ...
4/16/2018 10:31:53 AM| 3 Answers
What is the double jeopardy principle
Weegy: Principle is a law or rule that has to be, or usually is to be followed, or can be desirably followed, or is an ...
4/19/2018 6:55:12 PM| 3 Answers
Binary star
Weegy: Binary means composed of two pieces or two parts. User: Constellations
4/24/2018 12:12:08 PM| 2 Answers
What’s 307,495 rounded to the nearest thousand
Weegy: 307,495 rounded to the nearest thousand is 307,000. User: Which of the following statements about the number ...
4/20/2018 6:40:52 PM| 2 Answers
Find the next term for sequence 9, 6, 4
4/20/2018 9:05:24 PM| 2 Answers
S
P
L
P
P
P
P
Points 246 [Total 672] Ratings 0 Comments 246 Invitations 0 Offline
S
R
L
R
Points 232 [Total 370] Ratings 0 Comments 32 Invitations 20 Offline
S
1
L
L
P
R
P
L
P
P
R
P
R
P
R
Points 220 [Total 13023] Ratings 0 Comments 210 Invitations 1 Offline
S
L
Points 97 [Total 97] Ratings 1 Comments 57 Invitations 3 Offline
S
Points 71 [Total 71] Ratings 0 Comments 21 Invitations 5 Offline
S
Points 50 [Total 50] Ratings 0 Comments 0 Invitations 5 Offline
S
P
L
Points 35 [Total 126] Ratings 0 Comments 35 Invitations 0 Offline
S
Points 30 [Total 35] Ratings 3 Comments 0 Invitations 0 Offline
S
P
Points 24 [Total 68] Ratings 0 Comments 24 Invitations 0 Offline
S
Points 20 [Total 20] Ratings 1 Comments 0 Invitations 1 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.