Question

You earned $88,000 last year. You put $4,500 in an IRA and $2,400 in a 401k. You will deduct the total from your Federal
Income taxes. What did you save just in Federal Income Taxes if you are in a tax bracket that pays 25% of your income in Federal Income
Taxes per year?​

Answer 1

Answer:

1725

Explanation:

First you have to find add 4,500 to 2,400 to get 6,900 then you subtract that amount from 88,000 to get 81100, then all you have to do is find the difference between 25% of 88,000 (22000) and 811000 (20275). 22,000 - 20275 is 1725

Answer 2

a) $1,725 was saved in Federal Income Taxes.

When Is Federal Income Tax Due?

The U.S. federal income tax is a marginal tax rate system primarily based on a person's earnings and filing repute.

For the 2021 and 2022 tax years, the tax brackets are 10%, 12%, 22%, 24%, 32%, and 35%, and 37%.typically, the federal profits tax is due on April 15 of every yr. The day can shift barely if April 15 falls on a weekend or due to different factors.

Your question is incomplete. Please find the complete question below.

You earned $88,000 last year. You put $4,500 in an IRA and $2,400 in a 401k. You will deduct the total from your Federal Income taxes. What did you save just in Federal Income Taxes if you are in a tax bracket that pays 25% of your income in Federal Income Taxes per year?

a)$1,725

b)$1,825

c)$2,025

d)$2,235

Learn more about Income Taxes here https://brainly.com/question/26316390

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