QUESTION 15 Which of the following statements is TRUE about income and wealth? O Income is a flow measure and wealth is a stock measure. Income is a stock measure and wealth is a flow measure. Both income and wealth are stock measures. Both income and wealth are flow measures.
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- 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? %Why do most researchers consider the U.S. social security system a social insurance program rather than a pension system and what are the common criticisms of the current definition of poverty-level income?How comprehensive income is measured according to Haig Simon's definition?
- Use the table related to the size distribution of household income to answer the following questions. Share of Total Income Income Group Highest fifth Second fifth Third fifth 2019 Income Above $142,000 $86,001-$142,000 $54,001-$86,000 Average Income $ 254,400 51.9% 111,100 22.7 68,900 14.1 Fourth fifth Lowest fifth $28,001-$54,000 0-$28,000 40,700 8.3 15,300 3.1 ok According to the table: ences Instructions: In part a, enter your response as a whole number. In part b, round your response to one decimal place. a. What is the average household income in the United States? 98080 b. What percentage of the average household income of people in the highest fifth would have to be taxed away to bring them down to that average? %The calculation used by social security to calculate retirement benefits is meant to replace ______________ preretirement income for low-income retirees than high-income retirees.17. Which of the following statements applies to the Social Security program? A. Benefits are paid on the basis of needB. It provides cash assistance and services to families with dependent childrenC. It is financed by payroll taxes on employees and employersD. Benefit levels vary throughout the nation because the system is administered by the individual states
- 1.3 A mandatory health insurance plan costs $4,000. One worker earns $24,500 in employment income and $500 in investment income. Another worker earns $48,000 in employment income and $2,000 in investment income. A third worker earns $68,000 in employment income and $7,000 in investment income. A premium-based system would cost each worker $4,000. A wage tax–based system would cost each worker 8.5 percent of wages. An income tax–based system would cost each worker 8 percent of income. For each worker, calculate the cost of the insurance as a share of total income. E = Employment income I = Investment income P = Premium cost of insurance Premium as a percentage of income = P/(E + I) W = Wage tax cost of insurance = 0.085 × E Wage tax cost as a percentage of income = W/(E + I) T = Income tax cost of insurance = 0.080 × (E + I) Income tax cost as a percentage of income = T/(E + I) 1.4 Which of the plans in exercise 1.3 would impose the larger burden on those with incomes under $25,000: a…Evaluate the impact of age, and geographic location on personal income.23. Arnold, Betty, Christine, Donald, and Elena receive incomes of $0, $400, $200, $100, and $300. Starting with the top 20% of the population, write in the correct income share in percentages. Then in a line below it, write in the income share for the second 20%. In another line write in the income share for the middle 20%, then on another line, the income share for the fourth 20%, and finally the income share for the bottom 20%. Please state your answers in percentages for full credit. You do not have to show your calculation. population share income share top 20% ______________ 2nd 20% ______________ mid 20% _____________ 4th 20% _____________ bottom 20% _____________ 24. Based on your answers in question #23, fill in the cumulative income distribution table using percentages. Please start with…
- Before-tax incomes are a better measure of income as compared to after-tax incomes. True or false?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 dw Med 1. 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.Explain income and wealth more evenly distributed