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A single person with a monthly taxable income of $7,000 in the 28 percent marginal...

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Accounting

A single person with a monthly taxable income of $7,000 in the 28 percent marginal tax bracket forgoes consumption and instead places $450 into a tax-sheltered retirement plan every month. What are the yearly tax savings due to these retirement contributions? Select the correct answer

$1,316

$1,512

$5,400

$1,120

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