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1 August, 01:24

Mustafa contributes 11% of his $67,200 annual salary to his 401k plan. What is his pretax income

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  1. 1 August, 01:52
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    Mustafa's pretax income is $59,808.

    Step-by-step explanation:

    Given in the question Mustafa's annual salary = $67,200

    and Mustafa contribute 11% of his salary to his 401 k plan.

    Since we know that 401 k plan is a retirement plan in which an employee gets the exemption from his salary on a pretax basis.

    Therefore exemption will be = 11% of $67,200

    = 67,200*0.11

    = $7,392

    Now pretax income or taxable income = 67,200-7,392 = $59,808

    Therefore pretax income of Mustafa is $59,808.
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