Question
Problem 02-05 (Algo) [LO 2-2] Mrs. Esposito, a petroleum engineer, earns an $60,500 annual salary, while Mr. Esposito has no earned income. Under current law,
Problem 02-05 (Algo) [LO 2-2] Mrs. Esposito, a petroleum engineer, earns an $60,500 annual salary, while Mr. Esposito has no earned income. Under current law, the couple pays 20 percent in state and federal income tax. Because of recent tax law changes, the couples future tax rate will increase to 28 percent. If Mrs. Esposito decides to take a part-time job because of the rate increase, how much income must she earn to maintain the couples after-tax disposable income? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
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