Federal Income Tax Withholding Bob Browning's weekly gross earnings for the present week were $2,290. Browning has four exemptions. Using the wage bracket withholding table in Exhibit 2 with a $81 standard withholding allowance for each exemption, what is Browning's federal income tax withholding? Round your answer to two decimal places. Feedback
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- Carole works 35 hours a week at a wage rate of $20. Thus, her total weekly income is $700 On this income, she pays total taxes of $49.00 However, she calculates that on the last hour that she works, she pays $4.00 Carole's average tax rate is% (Round your response to two decimal places) Carole's marginal tax rate is% (Round your response to two decimal places) DEric earns a base salary of $50,000 as a shipwreck diver and is subject to the following hypothetical income tax bracket. Eric is considering taking on an additional dive that will increase his income by $5,000. In order for Eric to deem the dive worth his time, it must earn him $3,000 after taxes. Please round all answers to two decimal places. Income $0-$10,000 $10,001-$30,000 $30,001-$50,000 $50,001+ Tax rate 5% 10% 20% 50% What is the marginal tax rate associated with taking on this dive? What is Eric's average tax rate if the extra dive is accepted? Given the information, will Eric undertake this extra dive? yes no O need more information How much does Eric end up paying in taxes?Laura earns a base salary of $50,000 as an event planner and is subject to the following hypothetical income tax bracket. Laura is considering taking on an additional wedding that will increase her income by $5,000. In order for Laura to deem the wedding worth her time, it must earn her $3,000 after taxes. Please round all answers to two decimal places. Income Tax rate $0-$10,000 5% $10,001-$30,000 10% 20% $30,001-$50,000 $50,001+ 50% What is the marginal tax rate associated with taking on this wedding? 50 What is Laura's average tax rate if the extra wedding is accepted? 0.1636
- John has gross biweekly earnings of $743.61. By claiming 1 more withholding allowance, John would have $19 more in his take home pay. How many withholding allowances does John currently claim?Explain very briefly what you understand from income effect and substitutioneffects of change in income tax ratescalculate 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: ??
- One proposal for reforming the welfare system is to create a negative income tax. Under the negative income tax, each person is entitled to a grant of G dollars permonth. For every dollar the person earns, the grant is reduced by t dollars. a. Suppose G = 200 and t = 0.40. Consider an individual whose hourly wage = $10. There are 30 days in a month, so the total allotment of T = 720. Sketch the budgetconstraint before and after the introduction of the negative income tax. b. Would people work more or less with the implementation of this system? c. What if t = 100%? Explain!The table below shows labor income for four individuals and the amount each has paid in income taxes. Labor Income, Tax Paid, and Average Tax Rate Labor Income Tax Paid (dollars) $6,300 9,240 11,200 17,500 Individual Samantha Charles Amanda Young (dollars) $45,000 66,000 80,000 125,000 Average Tax Rate (percent) The income tax is proportional. The income tax is progressive. The income tax is regressive. % P Instructions: Enter your answers as a whole number. a. Complete the table above by calculating the average tax rate paid by each individual. b. Is the income tax depicted here progressive, regressive, or proportional?Raka has 80 hours per week that she can allocate to work or leisure. Her job pays a wage rate of $20 per hour, but Raka is being taxed on her income in the following way. On the first $400 that she makes, she pays no tax. That is, for the first 20 hours she works, her net wage—what she takes home after taxes—is $20 per hour. On all income above $400, Raka pays a 75% tax. That is, for all hours above the first 20 hours, her net wage rate is only $5 per hour. Her indifference curves conform to the usual assumptions about consumer preferences. Raka’s optimal choice is to work 30 hours.Draw Raka’s time-allocation budget line for a typical week.
- Consider a person who can work up to 80 hours each week at a pretax wage of $20 per hour but faces a constant 20 percent payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 50 hours each week. The government proposes a negative income tax whereby everyone is given $300 each week and anyone can supplement her income further by working. To pay for the negative income tax, the payroll tax rate will be increased to 50 percent.a. On a single graph, draw the worker’s original budget line and her budget line under the negative income tax.b. Show that the worker will choose to work fewer hours if the negative income tax is a dopted.c. Will the worker’s utility be greater under the negative income tax?The following table shows income tax rates in Econoland. Annual Income Up to $60,000 From $60,001 to $90,000 Over $90,000 This is an example of a Tax Rate 10% 20% 30% income tax. Nick, a resident of Econoland, currently works 20 hours a week and earns an annual income of $60,000. After paying income taxes, Nick receives per year. If Nick works an additional 10 hours a week (30 hours a week total), his annual income will be $90,000. After paying income taxes, Nick will receive per year. In other words, by working an additional 10 hours per week, Nick will receive an additional If Nick works 10 more hours in a week (40 hours a week total), his annual income will further increase to $120,000. After paying income taxes, Nick will receive per year. In other words, by working 10 more hours per week, Nick will receive more than what he would receive if he works only 30 hours a week. As Nick works more, the additional amount he receives from working 10 more hours " which means his cost of…Does it make sense for Non-farm Payroll Employment (NFPE) to exclude the self-employed?