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?© BrainMass Inc. brainmass.com June 3, 2020, 8:30 pm ad1c9bdddf
Please see the attached spreadsheet which shows you the total $ you can save in taxes by contributing to your employers 401K.
Note - 401K retirement ...