3. You have had a successful year working for Medtronic. You made $115,000 and a bonus of $10,000. You are filing status is single and you are taking a standard deduction. Your company offers a 401(k) plan, but you don't contribute. A. What is your taxable income: Taxable Income Income - Standard deduction - $125,000-$12,400-$112,600 = B. What will be the amount of Federal Income taxes be for you? Federal Income Tax Taxable income Tax rate $112,600 * 24% = What will be the amount of FICA taxes be for you? $ What will be your total amount of income taxes and FICA taxes be for you? $ C. You decide to participate in your company's 401(k) plan. The maximum amount of income you can defer is $ 19,000. You plan to contribute the maximum amount. What will your total adjustable income be after you contribute $19,000 to 401(k)? $ What will be your Federal Income taxes on your taxable income after you have made the $19,000 401(k) contribution and standard deduction? What will be your FICA taxes on your income after you have made the $19,000 401(k) contribution? What will be your total amount of all income taxes for you in 2020 after you have made D. What will be your tax savings be for contribution $19,000 to our 401(k)? SSS $ $ Federal income taxes with the 401(k) contributions FICA Taxes Total taxes SSS S Federal income taxes with the 401(k) contributions FICA Taxes Total taxes Income tax savings for 401(k) contribution. 4. Becky Siems works as account executive for Merck. Her income last year was $80,000 and she expects the income to be the same this year. Becky files her taxes as a single taxpayer with the standard deduction. Becky participates in her company's 401(k) plan and contributes 6% of her income into the 401(k). Merck matches her contribution dollar for dollar up to 6%. I A. How much money is contributed to Becky's 401(k) including employer matching? $80,000 (6%+6%) = $9,600 B. How much Federal and FICA taxes is withheld from her paycheck? 22% C. What is her employer's FICA contribution