15.If the McNamaras want to contribute the maximum allowable amount to a regular IRA, what would the tax benefits be this year?Explain your response.

16.Stephen is considering changing jobs.The new employer offers a Section 125 plan.Would Stephen benefit by participating in this? Why or why not?Explain your response.

17.If a 401(k) plan were available to Valerie or Stephen, should they take advantage of it? If so, how much should they contribute?What effects would that have on their adjusted gross income?Explain your response.Show your computations.