Respuesta :
If you work 47 hours this week and make $10.25 an hour, $38.82 will be deducted from your paycheck for your 401(k) retirement plan, or 71/2% of your total compensation.
Given:
Pay Per Hour: $10.25
Bonus: $15.375 for every hour worked over forty hours.
Total Hour worked: 47 Hours
Percentage deductible: 7.5%
Total Pay thus =
(40 *10.25) + (7 *15.375)
= $517.625
Total 401 K deduction thus, =
7.5% * 517.625
401K Deduction total = $38.82
The process of retirement planning entails identifying desired levels of retirement income and the necessary resources. Identifying income sources, estimating expenses, putting a savings strategy in place, and compensation managing assets and risk are all part of retirement planning. Estimated future cash flows are used to determine whether the target retirement income is realistic.
You can begin whenever you choose, but it will work best if you retirement plan incorporate it into your financial planning as soon as feasible. That's the best method to guarantee a risk-free, secure, and enjoyable retirement. It makes sense to focus on the important and compensation somewhat dull phase of the process—planning your route—because that's when the pleasure begins.
Learn more about retirement plan here
https://brainly.com/question/14526783
#SPJ4
