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(Solved): If your tax liability is 25% of your salary of $37,000:
a. For every $1 earned, how much goes to ...
If your tax liability is 25% of your salary of $37,000:
a. For every $1 earned, how much goes toward taxes? (Round your answer to 2 decimal places.)
b. How much of each $1 is take-home pay? (Round your answer to 2 decimal places.)
c. If you contribute $1,200 to your 401(k) and your employer matches $1,200, how much is added to your retirement that year?
d. How much did the $1,200 contribution to your 401(k) affect your take-home pay for the year? (Negative amount should be indicated by a minus sign.)
e. What was your immediate return on your investment when you decided to contribute $1,200 to your 401(k)? (Consider the cost to be the difference in your take-home pay. Round your answer to the nearest whole percent.)