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a company employee earns 40,000 per year. A self-employed person also earns 40,000 but pays 6,120 for social security and 1,600 per year for health plan. how much will each person have left over?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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a company employee earns 40,000 per year. A self-employed person also earns 40,000 but pays 6,120 for social security and 1,600 per year for health plan. how much will each person have left over?

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