FINANCIAL LITERACY5. Say the following are deductions on a typical income,i. Pension deductions are 5%ii. Employment Insurance deductions are 2.4%iii. And Income Tax deductions are as followsdw Med1. For annual salaries, on the first $11,000, no income tax is paid,3.2. On the first $11,000 to $25,000, 8% of the income is deducted,On the first $25,000 to $50,000, 12% of the income is deducted,On the first $50,000 to $100,000, 15% of the income is deducted,5. And on the rest of the income, 20% of that income is deducted.Henry makes an annual gross salary of $70,000, what is his net salary?4.

An income tax is a direct tax whose burden cannot be shifted to others. The person, it is imposed on…

FINANCIAL LITERACY 5. Say the following are deductions on a typical income, i. Pension deductions are 5% ii. Employment Insurance deductions are 2.4% iii. And Income Tax deductions are as follows 1. For annual salaries, on the first $11,000, no income tax is paid, 2. On the first $11,000 to $25,000, 8% of the income is deducted, 3. On the first $25,000 to $50,000, 12% of the income is deducted, 4. On the first $50,000 to $100,000, 15% of the income is deducted, 5. And on the rest of the income, 20% of that income is deducted. Henry makes an annual gross salary of $70,000, what is his net salary?

FINANCIAL LITERACY 5. Say the following are deductions on a typical income, i. Pension deductions are 5% ii. Employment Insurance deductions are 2.4% iii. And Income Tax deductions are as follows 1. For annual salaries, on the first $11,000, no income tax is paid, 2. On the first $11,000 to $25,000, 8% of the income is deducted, 3. On the first $25,000 to $50,000, 12% of the income is deducted, 4. On the first $50,000 to $100,000, 15% of the income is deducted, 5. And on the rest of the income, 20% of that income is deducted. Henry makes an annual gross salary of $70,000, what is his net salary?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: Six Debates Over Macroeconomic Policy

Section: Chapter Questions

Problem 7PA

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