Yvette Bradbury is an account representative at Commerce Savings Bank, earning $42,000 annually, paid semimonthly. She contributes 3 percent of her gross pay to her qualified 401(k) plan on a pre-tax basis and has a pre-tax medical premium of $120. What is her taxable income?
What will be an ideal response?
$42,000/24 = $1,750 per pay period
$1,750 x 3% = $52.50 for 401(k)
$1,750.00 – 52.50 – 120.00 = $1,577.50 taxable income
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