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Increasing your 401k deduction will ________ your take-home pay and __________ your federal taxes in the current year.

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Increasing your 401k deduction will reduce your take-home pay and reduce your federal taxes in the current year.

Explanation: Since he increased his contribution to his 401K he will get less take-home by, on the other hand, he'll have to pay less federal taxes since he doesn't have to pay income tax on the 401K until he withdraws from it.
User Rgahan
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