Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 10, Problem 7DQ
To determine

Explain the tax and non-tax advantages of creating a Health Savings Account (HSA) for Person J and his family.

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Net pay refers to the amount of take-home pay after taxes and other deductions (healthcare, social security, retirement, etc.).  For the purposes of this project we will assume everyone is an unmarried individual with no children.  We will assume your net salary is simply your gross salary($123,031) minus your taxes (that you will calculate using the table below) and all of your gross salary will be considered taxable income.  Find your net pay. Show all calculations, including descriptions if necessary.  Be sure to use the equation editor and label your final solution.  Round your solution to the nearest dollar.
Suppose you are28 and married. You and your spouse file for income taxes jointly. You are in the 25% tax bracket. You are considering a few personal investment issues. Which of the following strategies is most tax efficient for your situation? ______ a.Invest all your income inside your regular taxable investment account. b.First, fully fund your 401 (k) account, then invest the rest in the IRA and Roth IRA account, finally invest the remaining money, if any,in your regular taxable investment account. c.Fully fund your 401 (k) account, and then invest all the rest money in your regular taxable investment account. d.First, fully fund your IRA and Roth IRA account, then fund your401 (k) account, finally invest the remaining money, if any, in your regular taxable investment account.
4

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Individual Income Taxes

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