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In 2021, Madeline earns $51,000 from her regular job. She also earns $2,000 in ordinary dividends and $4,000 in qualified dividends. She decides to contribute $8,000 to her Roth 401(k) and $3,000 to her traditional 401(k). How much does Madeline pay in federal income taxes in 2021?

In 2021, Madeline earns $51,000 from her regular job. She also earns $2,000 in ordinary dividends and $4,000 in qualified dividends. She decides to contribute $8,000 to her Roth 401(k) and $3,000 to her traditional 401(k). How much does Madeline pay in federal income taxes in 2021?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2021, Madeline earns $51,000 from her regular job. She also earns $2,000 in ordinary dividends and $4,000 in qualified dividends. She decides to contribute $8,000 to her Roth 401(k) and $3,000 to her traditional 401(k). How much does Madeline pay in federal income taxes in 2021?
Transcribed Image Text:In 2021, Madeline earns $51,000 from her regular job. She also earns $2,000 in ordinary dividends and $4,000 in qualified dividends. She decides to contribute $8,000 to her Roth 401(k) and $3,000 to her traditional 401(k). How much does Madeline pay in federal income taxes in 2021?
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