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Last year Lamar gross $190,000 on Wallstreet 5.10 Last year, Lamar grossed $190,000 as a stockbroker on Wall Street. a. Determine how much he owes

Last year Lamar gross $190,000 on Wallstreet image text in transcribed
5.10 Last year, Lamar grossed $190,000 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. c. Determine how much he would save in federal taxes if he made all of the pre-tax contribu- tions in b. and if the following situations hold: (1) He is married filing a joint return and has only one job. (ii) He has four children that he can claim as his dependents. One of the children is adopted. (iii) He and his spouse are both 45 years old and have 20/20 vision. (iv) So far this year, a total of $11,000 has been withheld in federal income tax. A total of $1200 was withheld from his last salary (v) He is paid every two weeks. (vi) He started his job with Wall Street around February 1, and the closest it will end in the current year is December 31. (vii) He would like to use the higher of his standard deduction or his itemized deduction (viii) He paid $5788 in state taxes on last year. (ix) He estimates that he will have paid $18,944 in interest from mortgage payments. (x) He estimates that he will have donated $21,000 to his church by the end of the year

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