Pls solve this question correctly instantly in 5 min i will give u 3 like for sure AgeJohnMaryCar PaymentMortgageHome InsuranceProperty TaxesStudent LoanPaymentLiving Expense4544Surplus - $9,510Deficit - $4,950Surplus - $5,450Deficit - $5,450Surplus - $5,110Salary SavingsWhat is John and Mary's Surplus or Deficit?Deficit- $5,110$75,000$85,000 7%$3,000$25,000$1,500$6,000$7,5009%$55,000Employer MatchingEmployer Matching (100%of first 3% of salary, then50% of next 2%)Employer Matching (75%,up to 6%)Tax Rate 30% AgeJohnMary9.20%Ⓒ10.20%O 11.20%45O 12.20%44What is their household Savings Rate?Salary$75,000 9%$85,000Savings7%Employer MatchingEmployer Matching (100%of first 3% of salary, then50% of next 2%)Employer Matching (75%,up to 6%)Tax Rate 30%

In order to get to the answer, we must understand the deductions from the salaries of both the…

Answered: Age John Mary 9.20% 10.20% 11.20% 45…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 48P

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QUESTION 2 1. Consider the following version of the earned income tax credit (EITC). All persons who earn less than $20,000 are given a wage subsidy of $0.50 for each dollar worked. The maximum benefit is therefore $10,000. All persons who earn between $20,000 and $30,000 are paid the maximum benefit of $10,000. This is the income disregard region. The phaseout occurs in the income range from $30,000 to $50,000. In this range the maximum benefit $10,000 is cut by $0.50 for each dollar earned. For example, a person who earns $30,001 will get paid $10,000 -$0.50 = $9,999.50. At an income of $50,000 the program has been totally phased out. Now focus on a person initially working and earning $15,000 before the plan is introduced. Consider the net effect of this program (i.e, we are talking in this question about BOTH the income and substitution effects) for a person earning this amount. The program will: a. have no effect on time spent working b. cause time spent working to rise c. cause…
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Problem Information Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: Employee* and Employer HI: Self-employed OASDI: Self-employed HI: *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. 6.20% 1.45% 12.4% a. OASDI tax b. HI tax 2.9% $147,000 No limit $147,000 No limit $9,114.00 No maximum $18,228.00 No maximum Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. On the last weekly pay of the first quarter, Lorenz…

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Age John Mary 9.20% 10.20% 11.20% 45 12.20% 44 What is their household Savings Rate? Salary Savings Employer Matching $75,000 9% $85,000 7% Employer Matching (100% of first 3% of salary, then 50% of next 2%) Employer Matching (75%, up to 6%) Tax Rate 30%