TAX SAVINGS CALCULATOR
This calculator shows the reduction in your take-home pay and your
corresponding monthly tax savings while contributing to a "tax favored
retirement plan."
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MONTHLY CONTRIBUTIONS
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Reduction in
Take-Home Pay
|
Tax Bracket |
Monthly Tax
Savings
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$42 |
15% |
$8 |
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$36 |
28% |
$14 |
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$34 |
31%* |
$16 |
*A higher tax rate applies to married couples filing jointly with incomes over
$161,450, to heads of households with incomes over $147,050, and to single filers
with incomes over $132,600. Therefore, your reduction in take-home pay is less and
your corresponding monthly tax savings is greater.
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