As shown in Exhibit 12-7, a family of four with no earned income receives O a. the break-even income of $40,000. O b. zero payment. O c. a $20,000 payment. from the government.
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- Explain how a country may experience greater equality in the distribution of income, yet still experience high rates of poverty. Hint: Look at the Clear It Up 'How do governments measure poverty in low-income countries?' and compare to Table 15.5.Based on the data, answer the questions. Earner Sally Pat What is Sally's tax rate? 38% 33% O 28% 24% Annual income amount $94551.00 $304557.00 What is Pat's tax rate? 0000 O 22% 31% 33% 24% Income tax amount $31201.83 $73093.68S The table below shows labor income for four individuals and the amount each has pa Labor Income, Tax Paid, and Average Tax Rate Labor Income Individual Samantha Charles Amanda Young (dollars) $40,000 60,000 84,000 105,000 O The income tax is progressive. The income tax is regressive. The income tav ic proportional
- A32. With reference to the economy, Uniform Recall Period, Mixed Recall Period and Modified Mixed Recall Period are methods used to measure (a) Poverty Line (b) Extent of Human development (c) Impact of industries on climate change (d) Working age population ratioConsider an individual aged 64 who is eligible to collect full social security (public pension) benefits of $6000 for a year. She has no other income, but can work at a weekly wage rate of $600 for a maximum of 52 weeks. Receipt of benefits from the social security program is retirement-tested. Specif- ically, the individual can earn up to $9000 in annual wage income without a reduction in benefits; how- ever, after $9000 of earnings, benefits are reduced by 50 percent for every dollar earned, until the ben- efits are exhausted. a. Carefully draw and label the budget constraint for this individual. b. Consider an individual whose labour supply decision is such that she receives YA in social security benefits, so that 0 , YA , $6000 (i.e., she receives positive but reduced benefits). On the carefully labelled diagram from part (a), show her labour supply decision. c. “Elimination of the retirement test (i.e., allowing the individual to keep all benefits, irrespective of his or her…Which of the following statements is false for a person wanting to use and file a Form 1040EZ tax return? a. Taxable income is less than $100,000. b. No more than 2 dependents, in addition to the taxpayer plus spouse. c. Taxable interest is not over $1,500. d. Filing status is either single or married filing jointly only.
- Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13. Their AGI is $417,000. How much is their child tax credit in 2021? O a. $6,000 O b.$5,150 O c. $4,000 d. $2,000 O O e. $3,150Consider a family where both the husband and wife work, and assume each spouse ha three more years to work (after the current year) before retirement. Following Table indicates the projected combined salary over the remaining working years if they each stay with their currentemployers. It also shows the combined salary they can expect if they relocate and change employers. Year Combined salaryat Current Job Combined salaryat New Job 1 $80,000 $83,000 2 $82,000 $87,000 3 $85,000 $92,000 Suppose the total cost of moving, including direct expenses, foregone earnings, and psychic costs(costs of leaving friends, coworkers, familiar surroundings, etc.) total $10,000. Assume all costs areincurred during the current year (year 0). a. If the discount rate is equal to the market interest rate of 6%, is this investment in mobility worthwhile?Dr. X, an assistant professor at a large state university, is trying to decide how to allocate the 50 hours a week she spends working among the various activities expected of an assistant professor. The professor wants to maximize her raise next year and the table shows estimates of how time spent in each activity will contribute to her raise: Hours Per Week Total Amount of Raise From: Research 14 15 16 17 18 19 Teaching $200 400 550 675 20 21 775 850 900 University Service $400 450 490 905 525 555 570 580 585 $200 250 295 365 370 Given the information in the table, if she decides that she will work 54 hours a week instead, how should she allocate her time? Multiple Choice 18 hours research, 18 hours teaching, 18 hours service 21 hours research, 19 hours teaching, 14 hours service 20 hours research, 17 hours teaching, 17 hours service 20 hours research, 18 hours teaching, 16 hours service 320 340 355
- An individual owns a life insurance policy with an investment in the contract of $75,000 and a cash value of $125,000. Over time, the individual withdraws $85,000 from the contract How much of the withdrawal will the individual be required to recognize for income-tax purposes. Select one: O & 50 O b. $10,000 Oc $50,000 O d. $85,000 Life insurance companies and insurance regulators may use any of the following terms to describe accelerated death benefit provisions except Select one: O a accelerated death benefit Ob. living needs benefit Oc wavier of premium Od living payout option Advantages of using life insurance funding in a buy-sell agreement include all of the following except Select one O the event that creates the need for cash also results in the cash becoming available Ob the cost is relatively low Oc premiums to keep the coverage in effect are deductible as a business expense Od survivors of the deceased shareholder can be freed from financial dependence on a business that has…← → X VD C Calculate the income tax for a single person who has $81,396 of taxable income using the table below which shows the tax brackets for 2016 for single workers. TODE EQ Taxable Income $0 to $9,375 $9,376 to $37,550 $37,551 to $90,850 $90,851 to $189,500 $189,501 to $411,650 $411,651 to $414,500 $414,501 or more Answer to the nearest penny. Tax Rate 12% of amount over $0 $945 plus 16% of the amount over $9,375 $5,278 plus 26% of the amount over $37,550 $18,526 plus 29% of the amount over $90,850 $46,592 plus 34% of the amount over $189,500 $119,622 plus 36% of the amount over $411,650 $120,135 plus 40.2% of the amount over $414,500 hpThe following graph represents the Marginal Revenue Product for workers at Ollie's O-Rings: S/worker/hour $40 $36 $32 $28 $24 $20 $16 $12 $8 $4 0. 40 60 80 100 20
