IMG_2936

The calculation used by social security to calculate retirement benefits is meant to replace ______________ preretirement income for low-income retirees than high-income retirees.

The accompanying table lists the incomes of five citizens of a hypothetical economy. Suppose the government introduces a new program for low-wage carners. Under this program, cach citizen is given a refund that is paid for with tax revenues and is equal to a percentage of the citizen's income. The chart shows applicable income brackets and the percentage to be refunded. Citizen Income ($) Income Range ($) Income Supplement (% of Original) Frankie 27000.00 0-17,000 40% Vinnie 33000.00 17,001-36,000 25% Artie 15000.00 36,001-52,000 10% Nicky 62000.00 52,001 and above 0% Jackie 25000.00 What is the amount of Frankie's refund? What is the amount of Artie's refund? What is the amount of Nicky's refund? Which of the following is a problematic feature of a welfare state that is mitigated by the supplement's gradual decline? the implicit marginal tax inflation a revenue shortfall recession

a) Suppose that your employer offered you $5,000 in cash instead of health insurance coverage. Health insurance is excluded from state and federal income taxes. (To keep the problem simple we will ignore Social Security and Medicare wage taxes.) The cash would be subject to state income taxes (8%) and federal income taxes (28%). How much would the value of the insurance ($5000) compared to the post-tax cash. b) How different would this calculation look for a worker who lived would face a state with zero income tax rate percent and a federal income tax rate of 15 percent. What would a worker consider if they believe themselves to be healthy and unlikely to need healthcare this year.

​Before-tax incomes are a better measure of income as compared to after-tax incomes. True or false?

Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,900. He is single. Before this 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. FIT Social Security taxes $ 737.80 Medicare taxes $ 172.55

You decide to work part-time at a local clothing store.  The job pays $8.50 per hour and you work 16 hours per week.  Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 4% for state taxes.   What is your weekly gross pay? How much is withheld per week for federal taxes? How much is withheld per week for FICA taxes?

Price of X = $2 Income $24 = Price of Y=$4 Qx TUX MUX MUx/Px Qy TUY MUY MUy/Py 1 24 24 2 46 24 24 12 1 40 040 10 2 72 3 20 20 3 100 4 A 9 4 5 dings 5 100 16 5 16 4 6 114 6 144 es The correct value for the blank labeled A is

The expenses and income of an individual are given in table form to the right. Find the net monthly cash flow​ (it may be negative or​ positive). Assume that amounts shown for salaries and wages are after taxes and that 1 month=4 weeks.   Income Expenses ​Part-time job: $1300/month ​Rent: $550/month Student​ loans: $6000/year ​Groceries: $60/week ​Scholarship: $8500/year Tuition and​ fees: $7500/year   Health​ insurance: $55/month   ​Entertainment: $300/month   ​Phone: $45/month

what recommendations would you make regarding the benefits plan for the next year (consider both financial and non-financial considerations.   what would be  at least 2 benefits that would need to be eliminated or reduced. Benefit     Employee Ranking        (1- highest, 10 lowest) Cost (1 - highest, 10 -lowest) Utilization Rates  Comments Health Insurance 1 1 76%   Dental Insurnace 3 4 72%   Vision Insurance 5 5 40%   Life Insurance 9 9 100% Employer paid at a base benefit Long-Term Disability 8 6 100% Employer paid at a base benefit Short-Term Disability 7 2 67%   401k 4 3 80%   Paid Time Off  2 10 100% All employees are full-time, elgible Employee Assistance Program 6 7 1%   Tuition Reimbursement 10 8 2%

Question 1 Use the numbers below for questions #1-3. Filing Status: Single Total Income: $73, 883 Income Adjustments: $0 Itemized Deductions: $14,239 What is the Adjusted Gross Income for this individual?

Social security payments are a form of _____ and available to ____

Jayden was recently hired for a job with an annual income of $36,000.  Using the federal income rate of 15%. What amount should Jayden expect to pay in federal income tax?

John works from 7am to 4pm 5 days a week, he does not receive overtime He gets an hour unpaid lunch During the year john gets paid for : 10 holiday days, 10 sick days, 14 vacation days, 5 personal days John is paid $20 an hour Johns weekly federal income tax deduction is $65, social security tax is .062 of his gross wage, medicare tax is .008 of his gross pay, and state tax is $25 per week What would John's gross and net pay be for the year ending December 31st, 2021?

Suppose Tom is 20 years old. He works till 50 years old, retire, and live up to 80 years old.  While working, Tom's job pays a month income of $2000/month. There's no income or pension after retirement. (Also ignore any medical expense or existing debt).    At age 40, Tom gets promoted by surprise and his income goes up to $4000/month.    If beta=1 and i=0%, then Tom's month spending = $______/month after 50 years old.

Which of the following stalements is CORRECT about an individual Disability Income policy? A.Its benefils are taxable B.It is considered to be a Reimbursement policy C.It often contains an Elimination period. D.It has a six-month Inconlestable clause

EXERCISE-8 PRESENT ECONOMY 11. The gross margin of a corporation is 45% of sales. Operating expenses such as sales and administration are 15% of sales. The corporation is in a 40% tax bracket. What percent of sales is their profit after taxes?

Discuss whether any of the following individuals are entitled to an office-in-home deduction: a. Maggie is a self-employed management consultant who maintains an office in her home exclusively used for client meetings and other business-related activities. Maggie has no other place of business and her office is the most significant place for her business. She has substantial income from the consulting practice. b. C. Marty is a college professor who writes research papers for academic journals in his office at home which is used exclusively for this purpose. Although Marty has an office at his place of employment, he finds it very convenient to maintain an office at home to avoid distractions from students and colleagues. Marty receives no income from the publication of the research articles for the year in question. Bobby operates his own sole proprietorship as an electrician. He maintains an office at home where he keeps his books, takes phone calls from customers, and does the…

Zippy works for Zips Company and received the following amounts. For each item, indicate how much is taxable. If the item is not taxable, put $0 in the taxable amount column. Item Amount Taxable Amount $75,000 2,500 6,000 Salary Health insurance premiums paid by employer Zippy fell at work and broke her arm. She received workers' compensation pay. Zippy had also purchased a loss of income insurance policy from her neighbor. She received benefits while her arm was 2,000 broken. Payment of tuition to attend college Fair value of copies made on work copier Bonus for meeting safety goals (to all employees in her dept) Amazon gift card for Christmas (to all employees) 7,500 200 1,000 150

What’s is the taxable income for this individual

Keep in mind that you don’t have to die to have to pay inheritance and gift taxes under the current tax code.  Anyone who gives a family member more than $11.5 million (as of 2020 indexed annually for inflation) is subject to the tax.  Is that amount too high or too low, and why?

Mark earns $18,000 a month as a physician.  He becomes disabled under an own occupation definition policy with a 50% prior wages clause because he lost his hearing in a hunting accident.  He returns to work as a researcher making $3,000 per month, a reduction of 83.33%.  He has a residual benefit provision in his disability policy that calls for monthly benefits of $12,000.  What will be his total income per month including any residual benefits? $3,000 (one time payment) $12,000 (the greater of his salary or the disability benefits) $13,000 (the $3,000 plus $10,000 from the residual) $15,000 (the $12,000 plus the $3,000)

Ef 356.

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.

If C=0.8Y, I-bar=260, G-bar=200, TR-bar=150, T=0.2Y, X-bar=320 and M=0.1Y, the equilibrium level of income is     1957     900     1800     1425     414

The Time of Payment of Claims provision requires that an insurance company pay Disability Income benefits no less frequently than. A.annually B.semiannually C.quarterly D.monthly

1.Social Security benefits provide 90% or more of the income for over half of Hispanic beneficiary households over 65. over half of Asian beneficiary households over 65. over 75% of beneficiary households over 65. all beneficiary households over 65.

Answer the questions based on the data in the table. Round all answers to two places after the decimal. Earner Annual income amount Income tax amount Sally $90247.00 $29781.51 Steve $160249.00 $46472.21 Jamie $230251.00 $57562.75 Pat $300253.00 $72060.72 What is Sally's tax rate? % What is Pat's tax rate? %

What does this chart say about the 1%?

Explain very briefly what you understand from income effect and substitutioneffects of change in income tax rates

President Clinton has seized the cigarette excise tax as an expedient and politically correct means of increaseing federal revenue. In 1994 the federal government took in $12 billion from the present 24-cents-per-pack tax. If the tax were quadrupled to $1 a pack, Clinton figures tax revenues would increase by more than $50 billion over three years. Those added revenues would help finance the heath care reforms the president so dearly wants. Professor Gary Becker, a Nobel Prize-winning economist at the University of Chicago,says Clinton math is wrong. The White House assumed that cigarettes sales would drop by 4 percent for every 10 percent increase in prices, not the full adjustment of smokers' behavior. Over a three-year period, cigarette consumption is likely to decline by 8 percent for every 10 percent increase in price-twice as much as Clinton assumed.As a result,the $1-a-pack tax will bring in much less revenue than President Clinton projected.   According to Professor Becker, by…

Pls help with below homework-) Is it true that universal guarantedd basic income is the best solution for poeverty and income ineqality ? Please explain in details.