Use the following data to answer questions 1-6 Individual Taxpayer "T," a single person, earned $85,000 at his job this year. He contributed $5,000 to his retirement plan. The standard deduction for a single person is $6,350. Ts personal exemption is $4,050. If the tax brackets for a single filer are: Taxable Income $0-$9,325 $.9,326--$37,950 $932.50 plus 15% of the amount over $9,325 $37.951-$91,900 $5,226.25 plus 25% of the amount over $37,950 $91.901-$191,650 $ 18,713.75 plus 28% of the amount over $91,900 $191.651-$ 416,700 $46,643.75 plus 33% of the amount over Tax Rate 10% $191,650 $120,910.25 plus 35% of the amount over $416,700 $121,505.25 plus 39.6% of the amount over $418,400 $416,701-$418,400 Over $418,400 1. How much is Ts Adjusted Gross Income (AGI)? 2. How much is Ts taxable income? 3. How much is Ts tax liability? 4. What is Ts marginal tax rate? 5. What is Ts average tax rate? By how much would T have reduced his taxes if he had contributed $10,000 to his retirement plan? 6