A nonprofit organization offers a 5.5% salary contribution to John's 403b plan regardless of his own contributions, plus a matching 5.5% when John contributes 5.5% of his salary. John makes $66,000 a year.
What is John's effective salary reduction if he is in the 24% tax bracket?
A) $2,758
B) $2,800
C) $3,600
D) $5,400
Correct Answer:
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