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I don't know about you tax rate - as a %- but you are not taxed on the amount you place into the account, up to $2000. per person. Does that help answer your question?

Just a note of clarification. The amount you can put into a 401 K is up to 15% of income or a maximum of $10,500 per year. IRA's are limited to $2000 of earned income per person. There is more info on 401 K's here.

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