Melanie is in the 35% tax bracket and is ineligible to make deductible or Roth IRA contributions. Nevertheless, she wishes to contribute $5,500 to a traditional nondeductible IRA. How much taxable salary must she earn to have $5,500 left for the contribution?
What will be an ideal response?
$5,500 / (1 - .35) = $8,462
Business
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What will be an ideal response?
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