Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Question
Chapter 9, Problem 3P
To determine
The reason behind Social Security payroll tax being considered regressive.
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- er In your current job, you earn $41,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would rise by $6,500. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. Assuming no state and local taxes, when federal income taxes and payroll taxes are deducted, about how much of the $6,500 do you get? For taxable but not over. ... the marginal income over... tax rate is: $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37% $403 $1,372 $592 $5,128arrow_forwardThe W-4 tax form is used to determine how much your gross pay should be. avoid paying income taxes on your paychecks. tell your employer how much federal income tax to withhold from your paychecks to send to the IRS. file your tax return.arrow_forwardWhat is the definition of Property taxarrow_forward
- Which of the following is not an important consideration when deciding when to collect social security: a. average life expectancy b. family history c. marital status d. family financial situationarrow_forwardWhat are the effects of a tax cut on consumption and savings in the presence of credit market imperfections? Does the Ricardian equivalence hold? and savings With a current tax cut, consumption presence of credit market imperfections. The Ricardian equivalence hold in thearrow_forwardHow do you calculate personal income before or after taxes?arrow_forward
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