PORTANT m y cash flows SCANT wewe Memily feessed to buyer of co d e t he c ' h recovering the bus All of these Ex Credit Figure 4.1 My wife and I both work for XYZ Corporation where not have a retirement plan for its employees. To prepare for retireme n t (RA) that we won't be able to win related to for the year Gross income $63.000 Tony's Traditional IRA 2.0) Ler's Trato IR A co $300 Total trired dedicats $16,200 I Based on the information above, our adulted prosince is we www the $43,800 $56.000 $60.000 $6,100 Il. If we decide to itemiring dedactions rather than take the standard detection the amount we will be $570 SI, 860 $2,430 S1.800 III. After filing the taxes, we realized that we made a material misstatement and wanted to correct them by mending out to avoid a penalty and/or fine from the IRS. To do so, we should use IRS form: 1099-MISC b. IT-204 1040-X W-2 IV. Based on the information above, our taxable income should be $15,600 $23,760 $28,000 $63,000 V. Wow, it really pays to contribute to a retirement plan. Because of our IRA contributions, we are seving Approximately in taxes. $150 $450 $1,050 $3,000 PORTANT m y cash flows SCANT wewe Memily feessed to buyer of co d e t he c ' h recovering the bus All of these Ex Credit Figure 4.1 My wife and I both work for XYZ Corporation where not have a retirement plan for its employees. To prepare for retireme n t (RA) that we won't be able to win related to for the year Gross income $63.000 Tony's Traditional IRA 2.0) Ler's Trato IR A co $300 Total trired dedicats $16,200 I Based on the information above, our adulted prosince is we www the $43,800 $56.000 $60.000 $6,100 Il. If we decide to itemiring dedactions rather than take the standard detection the amount we will be $570 SI, 860 $2,430 S1.800 III. After filing the taxes, we realized that we made a material misstatement and wanted to correct them by mending out to avoid a penalty and/or fine from the IRS. To do so, we should use IRS form: 1099-MISC b. IT-204 1040-X W-2 IV. Based on the information above, our taxable income should be $15,600 $23,760 $28,000 $63,000 V. Wow, it really pays to contribute to a retirement plan. Because of our IRA contributions, we are seving Approximately in taxes. $150 $450 $1,050 $3,000