Multiple Choice
Alex works for a company with a 401(k) plan.He currently earns $80,000 in gross salary and contributes 8% of his gross salary into his 401(k) account.If his marginal tax rate is 33%,how much income tax liability is he saving by participating in his 401(k) ?
A) $6,400
B) $2,112
C) $6,000
D) $16,800
Correct Answer:

Verified
Correct Answer:
Verified
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