You would like to have $$$$600$ comma $000$ in $35$ years by making regular deposits at the end of each month in an annuity that pays $7\%$ compounded monthly. The table below shows the $2021$ marginal tax$$ rates, standard$$ deduction, and exemptions for a single person. Complete parts$($a$)$ through$($c$).$

Tax Rate

Single

$10\%$

up to$$ $$9950$

$12\%$

$$ $$9951$ to$$ $$40,525$

$22\%$

$$ $$40,526$ to$$ $$86,375$

$24\%$

$$ $$86,376$ to$$ $$164,925$

$32\%$

$$ $$164,926$ to$$ $$209,425$

$35\%$

$$ $$209,426$ to$$ $$523,600$

$37\%$

more than$$ $$523,600$

Standard Deduction

$$ $$12$ comma $550$

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Question content area right

Part $1$

a$.$ Determine the deposit at the end of each month.

In order to have $$$$600$ comma $000$ in $35$years$,$ you should deposit $$$

$$

enter your response here each month.

$($Round up to the nearest$$ dollar.$)$

Part $2$

b$.$ Assume that the annuity in part$($a$)$ is a$$ tax$-$deferred IRA belonging to a man whose gross income is $ $46$ comma $000.$ Use the table on the left to calculate his taxes first with and then without the IRA. Assume the man is single with no$$ dependents, has no tax$$ credits, and takes the standard deduction.

The income tax with the IRA is $$$

$$

enter your response here.

$($Use the answer from part$($a$)$ to find this answer. Round up to the nearest cent as$$ needed.$)$

The income tax without the IRA is $$$

$$

enter your response here.

$($Use the answer from part$($a$)$ to find this answer. Round up to the nearest cent as$$ needed.$)$

Part $3$

c$.$ What percent of his gross income are the$$ man's federal taxes with and without the$$ IRA?

The$$ man's taxes are

$$

enter your response here$\%$ of his gross income with the IRA.

$($Round to the nearest tenth as$$ needed.$)$

The$$ man's taxes are

$$

enter your response here$\%$ of his gross income without the IRA.

$($Round to the nearest tenth as$$ needed.$)$