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Mary Ann Contributed $5,000 to Her 401(k)plan

Question 164

Multiple Choice

Mary Ann contributed $5,000 to her 401(k) plan.If Mary Ann is in the 15% marginal tax bracket,this retirement contribution saved her approximately ____ in federal income taxes.


A) $5,000
B) $4,250
C) $2,500
D) $ 750
E) $ 0

Correct Answer:

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