Your tax liability is 30 percent of your $60,000 salary, and Which is not one of
the advantages of 529 college savings plans? Question 5 options: 1) You pay no
taxes on the account's earnings. 2) Anyone (your mom, dad, grandparents,
uncles, aunts, etc.) can contribute to the account and, in some state-sponsored
plans, the contribution is deductible from state taxes. 3) Even if you are
currently in college, you can contribute to a 529 plan, and the earnings won't be
taxed if they are used for qualified educational expenses. 4) Balances left over
after completing your education can be rolled over into a Roth IRA.you
contribute $4,000 to your 401(k) each year. If your employer matches $0.50 per
dollar contributed up to five percent of your salary, how much free money are
you getting this year by taking full advantage of the employer match?
Answer & Explanation
To solve the problem, we need to determine how much your employer will
contribute to your 401(k) based on their matching policy.
1. Calculate 5% of Your Salary:
the advantages of 529 college savings plans? Question 5 options: 1) You pay no
taxes on the account's earnings. 2) Anyone (your mom, dad, grandparents,
uncles, aunts, etc.) can contribute to the account and, in some state-sponsored
plans, the contribution is deductible from state taxes. 3) Even if you are
currently in college, you can contribute to a 529 plan, and the earnings won't be
taxed if they are used for qualified educational expenses. 4) Balances left over
after completing your education can be rolled over into a Roth IRA.you
contribute $4,000 to your 401(k) each year. If your employer matches $0.50 per
dollar contributed up to five percent of your salary, how much free money are
you getting this year by taking full advantage of the employer match?
Answer & Explanation
To solve the problem, we need to determine how much your employer will
contribute to your 401(k) based on their matching policy.
1. Calculate 5% of Your Salary:
