Question
You have a job at a real-estate agency in the small country ofFrugalia, where you are paid 72,000francs (the currency ofFrugalia)a year. You are now
You have a job at a real-estate agency in the small country ofFrugalia,
where you are paid 72,000francs (the currency ofFrugalia)a year. You are now faced with the decision of whether to work a second job at the local university teaching a real-estate investing class, where the pay is 45,000francsa year. Social insurance tax and income tax rates are listed below.
Social insurance taxes: 7.65% on your first 110,100francsof total income
Income taxes:Taxable income (infrancs)Tax rate
0-8,700 10%
8,700-35,350 15%
35,350-85,650 25%
85,650-178,650 28%
Part 1
Using the information above, what would be the total amount you pay in social insurance taxes on your second job?
Part 2
What is your income tax bill for the second job?
Part 3
What is your total tax bill for the new job?
can you please help me with part 2 and 3
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started