Problem 1: Calculate personal income taxes for a young engineer for years 1,7, and 10 after graduation. Note in year 1 he/she is single (no home); in year 7 he/she is married (both working, no home); and in year 10 he/she is still married with two children and owns a home. Other financial information is provided on the Homework Assignment #8 Template. Note that state taxes were estimated for this problem. They vary from state to state. Use the tax tables and standard deductions mentioned in the book. The actual values change often, even if just to account for inflation. So use the book values

Problem 1 Data
Family Status	Your Age	Year	Est. Gross Income	401k	IRA	State Taxes	Mortgage interest	Property Taxes	Donations
single	25	1	75000	7500		3000			3750
single	26	2	78000	7800		3120			3900
single	27	3	81000	8100		3240			4050
single	28	4	84000	8400	2000	3360			4200
single	29	5	88000	8800	2000	3520			4400
single	30	6	91000	9100	2000	3640			4550
married	31	7	180000	18000	4000	7200			9000
married	32	8	187000	18700	4000	7480	24000	5000	9350
married + child	33	9	195000	19500	4000	7800	24000	5100	9750
married + 2 children	34	10	200000	20000	4000	8000	24000	5202	10000

Problem 1 Federal Taxes Year 1 Year 7 Year 10 Gross Inc 401k RA Other defened Ad. Gross Dependents ol ol See text Standard Deduction Mortgage Interest Donations State Taxes Prop. Taxes Other Total deductions Taxable Inc Federal Taxes Owed from table)