6. How can GDP per capita and poverty rates indicate standard of living in each system? In your opinion, are these two statistics influenced by the Economic System? Why or why not? 7.
Earned income includes all the taxable income and wages one gets from working. According to the Internal Revenue Services (IRS), “taxable income includes wages, salaries, tips, union strike benefits, long-term disability benefits received prior to minimum retirement age, and net earnings from self-employment.” “A taxpayer's income can come from a number of sources other than regular employment, and can include exchanges of property or even bartering. Unless a type of income is specifically exempted from taxation by law, it will be considered taxable income” cited in IRS Publication 525. I am going to first talk about the individuals that are getting ready to prepare their tax return for the year ending 2009. I have a married couple who is looking to file a joint return.
“Social inequality refers to the unequal distribution of social, political, and economic resources within a social collective, such as a nation.” (Krieken, R. et al. 2014, p. 204). Sociologists have identified a number of variables which have an influence on social inequality. These include; class, status, power, social capital and cultural capital. Krieken, R. et al.
Which of the following is true about the Social Security pension system in the United States? 53. Pensions received by retired workers are based entirely on their contributions to the Social Security pension trust fund and the investment return on that
The employer deducts this directly from all wages paid. There may be a reduced National Insurance contribution if the employee has “contracted out” of the State Second Pension. This is usually shown on employee payslip. Employee Number Some companies, particularly large ones, who employ many employee’s use payroll numbers to identify employees on the payroll. This is the internal identification number which the employer gives employee.
What are the firm’s income tax liability and its after-tax income? What are the company’s marginal and average tax rates on taxable
If so, how did it affect their economy? Furthermore, there should be an explanation of how dependent colonies suffered, due to the fear inflation had generated. Was the Great Depression the reason for rebellion? As well as the economy’s drastic setback, did the Great Depression bring about political consequences as well? If not, what were the turning points in
The reasoning being job lossduring the Great Recession combined with higher wages like construction, manufacturing and finance hard, also job growth has is in low-wage industries. This is not a short term trend and the government is showing that to protect its citizens from going below their standard of living, hitting poverty level, more consumers spending and protecting them from employers. The standard of living is different from whomever you may talk to. Setting a minimum wage deriving from ones standard of living has many aspects to it such as; general economic conditions, nominal gross domestic product; inflation labor supply and demand, business operating costs and the number and trend of bankruptcies. Every-one citizen needs to have minimum salary needed to maintain minimum living standard.
In contrast, Supply side economists believe that unemployment is caused by the supply side of the economy not functioning properly. Extract E states how the recent strong performance of our labour market has “to some extent, been based on a foundation of macro economic stability“. This macroeconomic stability has been reached by using “appropriate fiscal and monetary policies to manage aggregate demand“. The fall in unemployment from 7.1% to 4.7% from 1997 to 2006 shown in Extract D is therefore evidence that managing aggregate demand can contribute to an effective reduction in unemployment. Managing aggregate demand(eg) can be self-financing because when the increase in aggregate demand causes an increase in employment, it means that fewer people would be on unemployment benefits.
For this reason, this topic of research is extremely significant as a minimum wage hike is sensitive to the livelihoods of millions and, it questions whether it is a safe political instrument for economic development. Typically, the common textbook argument in economics is that when a minimum wage increase is implemented it impedes the economy by prompting a higher unemployment in the country. However, after scrutinizing the experiments and analysis conducted by economists surrounding this topic, it is proven that this textbook argument is invalid in developed countries, specifically in Canada and the United States. In fact, a minimum wage hike significantly drives consumer spending from increased household income at a cost