Multiple Choice
Gary contributes $200 a month to a flexible spending arrangement for health care.If Gary is in the 25 percent marginal tax bracket,which of the following is true?
A) Gary will save $2,500 in federal income taxes
B) Gary will save $2,400 in taxes
C) Gary could write off $2,400 as an itemized deduction
D) Gary will save $600 in federal income taxes
Correct Answer:
Verified
Correct Answer:
Verified
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