Question: Jack contributed $400 per month into his retirement account in pre- tax dollars during the last tax year. His taxable income for the year was

Jack contributed $400 per month into his retirement account in pre- tax dollars during the last tax year. His taxable income for the year was $62,350. He files taxes as a single taxpayer
a. What would his taxable income have been had he contributed to the account in after-tax dollars?
b. Use the tax table below to calculate his tax in both the pre-tax and after-tax contribution situations.
c. How much did Jack save in taxes during that year?

Jack contributed $400 per month into his retirement account in

If line 43 And you are- income) is At But Single Married Married Head AButSingle Married Married Head income) is-_ filing filing of a jointly sepa house- jointly sepa house- rately hold Your tax is 62,000 67,000 62,000 62,050 11,850 8,501 ,850 10,56967,000 67,050 13,100 9,444 13,139 11,819 62,050 62,100 11,863 8,509 ,863 10,5867,050 67,100 13,3 9,456 13,153 11,831 62,100 62,150 11,875 8,516 1,875 0,59467,100 67,150 13,125 9,469 13,167 11,844 62,150 62,200 11,888 8,524 11,888 10,606 67,150 67,200 13,138 9,481 13,18 11,856 62,200 62,250 11,900 8,531 ,900 10,61967,200 67,250 13,150 9,494 13,195 11,869 62,250 62,30011,913 8,539 11,913 10,631 67,250 67,300 13,163 9,506 13,209 11,881 62,300 62,35011,925 8,546 1,925 10,644 67,300 67,350 13,175 9,519 13,223 11,894 62,350 62,400 11,938 8,554 11,938 10,65667,350 67,400 13,188 9 62,400 62,45011,950 8,561 11,950 10,669 67,400 67,450 13,200 9,544 13,251 11,919 62,450 62,500 11,963 8,569963 10,6867,450 67,500 3,213 9,556 13,265 11,931 62,500 62,550 11,975 8,576 11,975 10,694 67,500 67,550 13,225 9,569 13,279 11,944 62,550 62,600 11,988 8,584 ,988 10,706 67,550 67,600 13,238 9,581 13,293 11,956 62,600 62,650 12,000 8,591 12,000 10,719 7,600 67,650 13,250 9,594 13,307 11,969 62,650 62,700 12,013 8,599 12,013 10,731 67,650 67,700 13,263 9,606 13,321 11,981 62,700 62,750 12,025 8,606 12,025 10,744 67,700 67,750 13,275 9,619 13,335 11,994 62,750 62,800 12,038 8,614 2,038 10,756 67,750 67,800 13,288 9,631 13,349 12,006 62,800 62,85012,050 8,621 12,050 10,769 7,800 67,850 13,300 9,644 13,363 12,019 62,850 62,900 12,063 8,629 12,063 10,767,850 67,900 13,313 9,656 13,377 12,031 62,900 62,950 12,075 8,636 12,075 10,79467,900 67,950 13,325 9,669 3,391 12,044 62,950 63,000 12,088 8,644 12,088 10,806 67,950 68,000 13,338 9,681 3,405 12,056 9,531 13,237 11,906

Step by Step Solution

3.35 Rating (155 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a 400 12 4 800 62 3... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

790-L-A-L-S (1991).docx

120 KBs Word File

Students Have Also Explored These Related Linear Algebra Questions!