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What is the maximum amount Amber can elect for salary

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Reference no: EM132673251

Problem - Amber's employer, Lavender, Inc., has a § 401(k) plan that permits salary deferral elections by its employees. Amber's salary is $99,000, her marginal tax rate is 24%, and she is 42 years old.

Required -

a. What is the maximum amount Amber can elect for salary deferral treatment for 2019?

b. If Amber elects salary deferral treatment for the amount in part (a), how much can she save in taxes?

c. What amount would you recommend that Amber elect for salary deferral treatment for 2019?

Reference no: EM132673251

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