I need to advise someone about contributing to an employer's 401(k) plan to save money for retirement. She wonders how much she would save on her income taxes by contributing to the plan. She can invest up to 7% of her income into the plan. Her current income is US$45,000 per year, and she is in the 15% tax bracket.
I want to prepare and use a PowerPoint Presentation that outlines how much she would save in taxes by contributing to her 401(k) plan. I'd like to be able to include an Excel spreadsheet that provides answers for each of the following investment choices: 1%, 2%, 3%, 4%, 5%, 6%, and 7%. In addition, I need to include other information on tax minimization strategies and advice.
I have to calculate the tax savings contributions to the 401k plan presented using an excel spreadsheet to calculate the investment choices at 1%, 2%, 3%, 4%, 5%, 6% and 7%.
Then list and explain other suggestions to minimize the taxes
I have done a previous presentation and copied the excel to the slides (as a budget). This time I need to incorporate the different information. Can you help me?© BrainMass Inc. brainmass.com June 3, 2020, 8:15 pm ad1c9bdddf