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, will he pay less tax

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