I want to start contributing into my employer's 401(k) plan to save money for retirement. I'm interested in knowing how much I can save on my income taxes by contributing to the plan. I can invest up to 7% of my income into the plan. My current income is US$45,000 per year, and I am in the 15% tax bracket.
I'd like a spreadsheet that provides options for each of the following investment choices: 1%, 2%, 3%, 4%, 5%, 6%, and 7%. Are there any other suggestions to minimize my taxes?
This question was answered on: Sep 16, 2020
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