Donald contributes $900 per month into his medical flexible spending account. During the year, he uses the funds for dental work and gets reimbursed the full amount in the account by the end of year. How much did Donald save in annual taxes if he is in the 12% tax bracket? O $10800 O $1296 $900 $5400 Your employer offers dental insurance for $440 per year pretax through your employee benefit plan. However, your employer does not contribute toward the cost, and your marginal tax rate will be 24 %. Buying the dental insurance through payroll deduction does not offer any financial advantage to you. will cost you 24 % of $440, so you will save $334 will cost you 24% of $440, so the net cost is $546. will save you $106 in taxes, so the net cost is $334 Based on his taxable income calculation on his tax return, Chris owes $1290 in federal income taxes for the year. His employer reported to the IRS that it withheld $2190 from his paychecks this year. Which of the following statements is correct? Chris will receive a refund of $900. Chris owes an additional $900. O Chris's employer will owe a penalty for under withholding. O Chris will not have to file a tax return You were single and had taxable income of $48825 in 2019. What is your marginal tax rate? Schedule X. 2019 Tax Rate Schedule for Single Filers If your taxable income is: Over: But not more than: You will owe: $ 0 $ 9,700 10% of $ 9,700 $ 39,475 s 970 +12% of Taxable income over: $ 0 $ 9.700 39,475 $ 84,200 $ 4,543 +22% of $ 39,475 $ 84.200 $ 160.725 $ 14,383 +24% of $ 84,200 $ 160,725 $ 204,100 $ 32,749 + 32% of $ 160,725 $ 204,100 $ 510,300 $ 46,629 + 35% of $ 204,100 $ 510,300 $ 153,799 +37% of $ 510,300 Schedule Y-1. 2019 Tax Rate Schedule for Married Filing Jointly If your taxable income is: Over: But not more than: You will owe: Taxable income over: $ 0 $ 19.400 10% of $ 0 $ 19,400 $ 78.950 $ $ 1.940 +12% of 19,400 $ 78,950 $ 168,400 $ 9,086 +22% of $ 78.950 $ 168,400 $ 321,450 $ 28,765 +24% of $ 168,400 $ 321,450 $ 408,200 $ 65,497 +32% of $ 321,450 $ 408.200 $ 612,350 $ 93,257 +35% of $ 408.200 $ 612,350 $ 164,710+ 37% of $ 612,350 0 24 0 22 O 12 O 10