Question
Personal exemptions is $ 4050 and $6300 for standard deductions for a single individual.Your annual income in 2016 was $49,355.You made the following pre-tax contributions
Personal exemptions is $ 4050 and $6300 for standard deductions for a single individual.Your annual income in 2016 was $49,355.You made the following pre-tax contributions for the year: $5822 to your 401(k), $1725 to your Health Flex Plan (FSA), and $2400 for preapprovedparking. UsingTable 5.1, determine how much more you would have paid in federal taxes ifyoudid not make those pre-tax contributions (using both the 2016 federal standard deduction andthe personal exemption).Choose all that apply
A.Federal Taxesduewithnopre-tax deductions: $ 6281.25
B.With no pre-tax deductions:$39,005 (taxable income)
C.You would be paying $$1027.55 more in federal taxes in 2016
D.Withpre-tax deductions: $29,058(taxable income)
E.Federal Taxesduewithpre-tax deductions: $3892.45
F.Federal Taxesduewithnopre-tax deductions: $5490.00
G.You would be paying $$1597.55 more in federal taxes in 2016
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started