Last year, Lauren grossed $ 175,000 as a stockbroker on Wall Street. a. Determine how much...

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Last year, Lauren grossed $ 175,000 as a stockbroker on Wall Street. a. Determine how much he owes in federal taxes when he files on this year. (You should base this on last year's federal tax schedule, which you will need to find online.) b. How much would he save in federal taxes if he made the following pre-tax deductions: $1560 for transit passes, $17,800 in retirement contributions to his 401(k), and $2550 into his health FSA. If Taxable Income Is Between: 0 - $9,525 $9,526 $38,700 $38,701 - $82,500 $82,501 - $157,500 $157,501 $200,000 $200,001 - $500,000 $500,001 + Individual Taxpayers The Tax Due Is: 10% of taxable income $952.50 + 12% of the amount over $9,525 $4,453.50+22% of the amount over $38,700 $14,089.50 + 24% of the amount over $82,500 $32,089.50 + 32% of the amount over $157,500 $45,689.50 + 35% of the amount over $200,000 $150,689.50 + 37% of the amount over $500,000 Last year, Lauren grossed $ 175,000 as a stockbroker on Wall Street. a. Determine how much he owes in federal taxes when he files on this year. (You should base this on last year's federal tax schedule, which you will need to find online.) b. How much would he save in federal taxes if he made the following pre-tax deductions: $1560 for transit passes, $17,800 in retirement contributions to his 401(k), and $2550 into his health FSA. If Taxable Income Is Between: 0 - $9,525 $9,526 $38,700 $38,701 - $82,500 $82,501 - $157,500 $157,501 $200,000 $200,001 - $500,000 $500,001 + Individual Taxpayers The Tax Due Is: 10% of taxable income $952.50 + 12% of the amount over $9,525 $4,453.50+22% of the amount over $38,700 $14,089.50 + 24% of the amount over $82,500 $32,089.50 + 32% of the amount over $157,500 $45,689.50 + 35% of the amount over $200,000 $150,689.50 + 37% of the amount over $500,000

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