Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,900. He is single. Beforethis payroll, Barrett's cumulative earnings were $142,100. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.)Calculate FIT by the percentage method. (Use Table 9.1)Note: Round your answers to 2 decimal places.FITSocial Security taxes$737.80Medicare taxes$172.55

Calculations: a. Social Security Taxes = $11,900 X 6.2% = $737.80 (We only solved the social…

Answered: Calculate Social Security taxes,…

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter15: The Distribution Of Income And Poverty

Section: Chapter Questions

Problem 2QP

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Consider by $150. The average citizen there spends 90% of each additional dollar of income earned. a government that raises taxes Calculate the total change in income (Y) that will result. Carefully follow all numeric directions. Use a negative number to indicate a decrease in Y and a positive number to indicate an increase.
Social Security is a 6.2 % tax income up to a level that is matched by one’s employer? True or False
Before-tax incomes are a better measure of income as compared to after-tax incomes. True or false?
As of 2016, social insurance tax on a typical worker’s income is calculated as ___ of the worker’s pretax paycheck amount. Only ____ of that amount is actually deducted from the worker’s paycheck. The other ____ is paid by the employer. Self-employed individuals, however, must pay the full ____ themselves. For Social Security, though not for Medicare, the amount of income taxed is capped. The cap for 2016 is ____. Answer Choices: 5.1% 7.65% 10.2% 15.3% $118,000 $125 $133 700 900
The table below presents the system in the country of Boonton. The numbers indicate the percentage of income in that bracket that is taxed. For example, someone making $13,000 would be taxed 23% of that amount. Income Earned Tax % applied to that Income Under $15,000 23 $15,001 - $30,000 24 $30,001 - $45,000 25 $45,001 - $60,000 27 If a household in Boonton currently makes $20000, how much do they owe in taxes?
44. Since the Social Security system began in 1935, the number of workers per retiree has Group of answer choices risen and declined with different generations continually risen. stayed roughly the same continually declined.
"What should be the ideal Social Security Program for the United States ?"
How is the social security tax structured for workers who earned more than 117,000?
17. Which of the following statements applies to the Social Security program? A. Benefits are paid on the basis of needB. It provides cash assistance and services to families with dependent childrenC. It is financed by payroll taxes on employees and employersD. Benefit levels vary throughout the nation because the system is administered by the individual states
How can increasing the tax rate help the government to deal with the aging problem?
Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but there is a 15 percent tax on earnings between $10,000 and $20,000 and a 25 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 35 percent. Instructions: Round your answers to the nearest whole number. a. If your income is $70,000, how much will you pay in taxes? b. Determine your marginal tax rate. percent c. Determine your average tax rate. percent
Suppose Inequality decreases without growth of mean incomes. What may likely happen to poverty? Suppose growth of mean income occurs without a change in inequality. What may likely happen to poverty? Explain 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.

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