2015 Individual income Tax Rate Schedule Gor Tax Returns Due by April 18, 2016) tm Site erin Sit fe einen wee ssazosz7aso —sieastwo 74300 an seat s74s0110 sors senate a s8075110 srsnz0 S199.000 Heh stesaoiie . gas04 sree” Qe \S YLT Baise: (restr over 8456,850 e1-s9228 sez20t0 s37.a80 so7asito 875,600, 87560110 siisa28 sris226%0 $208,750 ‘9208751 10 232405 over sz2425 Head of s1-e1980 siaasite 3507200, 950207 t0 129,600 129.601 10 209,850 Assuming no deductions, what is the amount of federal tax that Tyrone would owe? Show your work. Gpts) 2. Tasha is 32 and single. She works at Nationwide Insurance in Des Moines and made $106,000. Assuming no deductions, what is the amount of federal income tax that Tasha would owe? Show your work. (3 pts.) 3. On the $36,000 that both Tyrone and Tasha make, who pays more tax? Show your work. G pts.) 4, Explain how Tasha and Tyrone’s example demonstrates the concept of progressive taxation. (3 pts.)2016 Social Security Taxable Wage Base Announced Posted on October 26, 2015 “tb ‘The Sociat Security Administration (SSA) announced on October t5, aq 2015, that the 2016 Social Security texable wage base will be 29 18.300 the same wage base as 2015. {See the evolution of the Wy Saw in 2015, wages Over $200,000 earned in 2016 will face an extra € 5. Julio is 51 and single. He works at Buffalo Wild Wings in Ankeny and made $41,000. Assuming no deductions, what is the amount of social security tax that Julio would owe? G pts) 6. Julia is 32 and single. She works at Nationwide Insurance in Des Moines and made $126,000. Assuming no deductions, what is the amount of social security tax that Julia would owe? (3 pts.) ‘Comparing Julio and Julia's payments to social security... 7. Asa percentage of their incomes, who paid more to the Social Security program? Show your work. (2 pts.) 8. In terms of real dollars, who paid more to the Social Security program? (2 pts.) 9. Explain how Julio and Julia’s example demonstrates the concept of regressive taxation. (3 pts.)Major Categories of Federal Spending, FY 2011 Appropriations’ in $ billions Mandatory Spending $1,897 trillion Mason Medicald $274 5 be 40 XY Wwe 1% 7 Fe \ Discretionary Spending 5 ($1.364 trillion) 10. Foreign Assistance (Aid) is accounted for in which portion of the Federal budget? (1 pt.) 11, Foreign Aid makes up what percentage of the overall Federal budget? (1 pt.) 12, From a dollar perspective, the US spent how much money in 2011 on foreign aid? (1 pt.)Draw a graph that represents what would happen on to the demand curve based on the following scenarios. 13. The Federal Reserve decides to lower the interest rate by .25%, Draw a graph that demonstrates what would happen to aggregate demand for houses. (Please include an aggregate supply curve as well.) (3 pts.) 14, The Federal government raises Federal tax rates as a result of several very good years of good Real GDP growth. Draw a graph that demonstrates what would happen to aggregate demand in the economy as @ result of this policy decision. (3 pts.)‘EMPLOYEE EARNINGS [i Tat Taman Description Hrs Rate Earnings [Description Avoust__ Ane TENS ae "er rss ws sy La sci ime 43 ua] Tue "ban e836 = Asay ole saat ‘am San TOTAL FARMING oon so asfrota i20s1__s46n Cara TD Tp ypLovin PRI 7 TENPLOVE AFTER TAX canes 2, [EMPLOYER PRE-TAX DEDUCTIONS are Aree cas a Carat VED Carnet VD nat wo ea 25572 eerigton aout Ameue| Dsrption Aunt Aton TAKADLE Waats rex Ea aa a EDERAL sastsa vspeesa ste aux imo “nay Sam dist 2h sa ED Sins Soctn sucuanry Aisi Tees DE Bs ico Saka SEDCARE ites leapesa| aise as EMPLOYER TAXES Tart va Des Avoant Asso FEDER % 71 stare wai "ea ca Ee unc] MEDICARE 38 bata ora raz suuso) ror: taass s246nfromae ae ase ar Test 15, Total benefits paid by the employer inthis ease were... (I pt.) 16. ‘The amount of federal income tax paid by this employee was... (I pt.) Gross pay Net pay’ (pty ‘oil taxes paid by the employee inthis pay period was... (1 pt) Retirement savings are most likely to be found i this part of the paycheck. (I pt.)