Spencer has a retirement account through his employer. his monthly contributions to the account are taken out of his check before payroll ta

Question

Spencer has a retirement account through his employer. his monthly contributions to the account are taken out of his check before payroll taxes are calculated.

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Madelyn 2 weeks 2021-09-15T08:52:43+00:00 1 Answer 0

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    2021-09-15T08:54:27+00:00

    Answer:

    Spencer has an employer-sponsored retirement savings account

    Step-by-step explanation:

    An employer-sponsored retirement savings account is an account in which you do not pay tax on all contributions and earnings. You only pay taxes on contributions and earnings when the money is withdrawn. This type of account also provides a means of matching contributions to your account such as 0% to 100% of contributions. range from 0% to 100% of your contributions. Example of Employer-sponsored savings plans are 401(k) and Roth 401(k) accounts

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