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    Income calculation for taxation

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    Calculate the tax you would save by contributing 6% of your income to an IRA if your income was $135,000 gross pay and $107,000 net.

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    We assume that you contribute 6% of your gross pay to the IRA. This means that you contribute 6% of $135,000 that is ...

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    This solution gives you a detailed discussion on Income calculation for taxation.