1. Dale earns $50,000 in wages, receives $1650 interest from a savings account and con- tributed $4500 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3700 and had deductions totaling S7230 (a) What is Dales gross income? (b) Adjusted gross income? (c) Taxable income? 2. For each of the following compute the tax each person owes (before tax credits and withholdings) (a) Laura is filing as a single claiming no dependents. Her adjusted gross income (AGI) is $80,000 (b) Pete and Kathy are married and filing jointly claiming two dependents. Their combined AGI is $240,000 (c) Phillip is filing as head of husehod claiming one dependent. His AGI is $60,000 3, Suppose you are in the 25% tax bracket. How much does a tax credit of $1000 dollars save? How much does a tax deductible charitable contribution of $1000 save? . Suppose you are single, have a taxable income of $90,000 and make monthly-payments of S600 into a tax-deferred savings plan (this is an adjustment) How much do you save on taxes in a year by making these deposits? Considering these savings, how much less do you take home in a month? 5. Suppose you are a head of household, have a taxable income of S65,000 and make monthly- payments of $375 into a tax-deferred savings plan (this is an adjustment) How much do you save on taxes in a year by making these deposits? Considering these savings, how muclh less do you take home in a month