Floyd is married, and he is trying to decide whether to contribute $5000 to a traditional IRA or to a Roth IRA. His household income is currently $105,000 per year, and he expects it to be $225,000 per year when he takes his money out of his IRA. He also expects his $5000 investment to triple in value by the time he takes his money out. Use this information and the tax table below to assist Floyd in making his decision. Part I: If Floyd chooses a traditional IRA, how much will he pay in taxes now on the $5000?

Part II: If Floyd chooses a traditional IRA, how much will he pay in taxes when he takes the $5000 and the earnings on the $5000 out of his IRA?

Part III: If Floyd chooses a Roth IRA, how much will he pay in taxes now on the $5000?

Part IV: If Floyd chooses a Roth IRA, how much will he pay in taxes when he takes the $5000 and the earnings on the $5000 out of his IRA?

Part V: Will choosing a traditional IRA or a Roth IRA cause Floyd to pay more in taxes? How much more will Floyd pay?