Great! It appears we can get 20%-35% * $3000 for one dependent or * $6000 for two dependent, depending on our MAGI. Correct?
So, if we put $5000 into the FSA, we should be able to save around $5000 * (7.65% + fed + state + local tax rates). Correct? I also see something like "effective tax rate" on turbotax filing report, if the effective tax rate says 10%, does that mean we can use the 10% to calculate above tax savings for the fed level?
