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Home >> Financial Planning >> Individual Planning >> Financial Planning D... >> Basic financial conc... >> Power of Tax Deferral
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Power of Tax Deferral
Compare two ways to save your
money.
Tax Deferred Annuity |
Bank
Savings |
Salary |
. |
"$6,500
" |
|
Salary |
"$6,500
" |
Tax Deferred
Annuity |
. |
($800) |
. |
Bank
Savings |
($800) |
Your New Taxable
Salary |
. |
"$5,700
" |
. |
Taxable
Salary |
$6,500
" |
Federal Income
Tax |
33.00% |
"($1,881)" |
Federal Income
Tax |
33.00% |
"($2,145)" |
State Income
Tax |
11.00% |
($627) |
State
Income Tax |
11.00% |
($715) |
Take Home
Pay |
. |
"$3,192
" |
. |
Take Home
Pay |
"$2,840
" |
Difference:
$352 |
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Retirement Planning
Associates is led by James Ellis, a registered representative of,
and securities offered through, JKR
& Co., Member NASD, SIPC.
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