Asa is single and had taxable income last year of $40,375.At the beginning of the new year,he decided to save 12% of last year's taxable income in a tax -deferred savings plan.His company also started a flexible spending account for medical contributions.Asa's medical insurance is 72.07 per semi-monthly pay.How much can Asa expect to save in taxes this year due to these changes?

Question

Asa is single and had taxable income last year of $40,375.At the beginning of the new year,he decided to save 12% of last year's taxable income in a tax -deferred savings plan.His company also started a flexible spending account for medical contributions.Asa's medical insurance is 72.07 per semi-monthly pay.How much can Asa expect to save in taxes this year due to these changes?
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The Answer of Asa is single and had taxable income last year of $40,375.At the beginning of the new year,he decided to save 12% of last year's taxable income in a tax -deferred savings plan.His company also started a flexible spending account for medical contributions.Asa's medical insurance is 72.07 per semi-monthly pay.How much can Asa expect to save in taxes this year due to these changes?
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Asa Is Single and Had Taxable Income Last Year of $40,375.At