calculate the social security and medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for social security and 1.45% for medicare): (leave no cells blank - be certain to enter "0" wherever required. round your answers to the nearest cent.): Employee: Brian Cumulative earnings before this pay period: 399,700 Pay amount this period: 7,500 Social security this period: ?? Medicare this period: ??

calculate the social security and medicare deductions for the following employee (assume a tax rate of 6.2% on $128,400 for social security and 1.45% for medicare): (leave no cells blank - be certain to enter "0" wherever required. round your answers to the nearest cent.): Employee: Brian Cumulative earnings before this pay period: 399,700 Pay amount this period: 7,500 Social security this period: ?? Medicare this period: ??

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

If the Gini coefficient of a nation in 1980 was 0.50 and in 2020 it was 0.40, the nation's O income inequality is less in 2020 O income inequality is more in 2020 O tax system is less progressive in 2020 O tax system is more progressive in 2020
The following tax week contributes most to higher social mobility: O VAT O Wealth tax O Inheritance tax O Income tax
Sketch two demand curves reflecting the difference in price responsiveness among different income groups: one for high-income people and one for low-income people. Show why the tax will impose a larger cost on the low-income group. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
In New York workers face a state income tax rate of about 6.5%. In addition, workers who reside in New York City also face a city income tax of 3.5%. 1. In the long run, for which tax do workers bear a larger share of the incidence? Explain. 2. How would your answer to part (1) change if the city tax were temporary (lasting just a year). Explain. 3. IHow would your answers to parts (1) and (2) change if the city tax were on those who earned their money in New York City, and did not depend on city of residence?
Ten college students have accepted job offers for the year after they graduate. Their starting salaries are given here. Organize the data into quintiles and then, using these data, draw the Lorenz curve for this group. Finally, calculate the relevant Gini coefficient. Becky $42000 Billy $20000 Charlie $31000 Kasia $24000 Nina $34000 Raul $37000 Rose $29000 Thomas $35000 Willis $60000 Yukiko $32000 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Question 15 Which of the below statements is INCORRECT with regard to poverty in the U.S.? The poverty threshold was created my Mollie Orshansky of the Social Security Administration, in the 1960s. The "poverty threshold," "poverty guidelines" and "poverty line" are identical numbers and are all used for exactly the same purpose. For the year 2021, a single individual making less than $12,880 in any of the 48 contiguous states, falls below the poverty line. For the year 2021, a four person family making less that $29,200 a year in any of the 48 contiguous states, falls below the poverty line.
The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2010, the poverty income threshold, or poverty line, is set at an annual income of $42,350 for an individual. Year 2006 2010 2016 2020 Quintile Lowest Lowest Quintile Second Quintile 3.0 3.4 3.8 5.0 The data in the table suggest that there was Second Middle Fourth Highest Share of Total Income in Perkopia (Percent) Middle Quintile Fourth Quintile Highest Quintile 8.6 9.4 9.7 11.0 Share of Income in 2010 (Percent) 3.4 9.4 14.6 22.4 50.2 14.0 14.6 15.2 15.5 Complete the following table to help you determine the poverty line in Perkopia in 2010. To do this, begin by determining the total income of all individuals in each quintile, using the fact that total annual income in the economy is $500,000,000. Next, determine the income of…
Why do you suppose that economists commonly refer to the Why do you suppose that economists commonly refer to the elimination of all disability payments from people able to work part-time as a “tax” imposed on a disabled individual who is willing and able to earn part-time wage income? Why do you suppose that economists commonly refer to the
If Rochelle earns an annual salary of $100,000 and David earns $75,000 annually and a tax is imposed onRochelle and David, according to the ability-to-pay principle,Rochelle and David should pay the same amount in taxes. Rochelle should pay more of the tax. neither should have to pay the tax. David should pay more of the tax.
A group of 10 golfing buddies have the following annual incomes: Income $32, 000 $12, 000 $56, 000 $120, 000 $10, 000 $38, 000 $70, 000 $16, 000 $20, 000 $24, 000 What is the total amount of income comprising the lowest quintile of this income distribution? Provide your answer below:
Describe how to calculate a Gini coefficient.
U6Q6c. Using a regular labor supply curve instead of a compensated supply curve to calculate the excess burden of a tax on labor income will: a. result in an accurate estimate of the excess burden. b. overestimate the excess burden. c. underestimate the excess burden. d. accurately estimate the excess burden only if the market supply of labor is perfectly inelastic.