According to the Bureau of Labor Statistics, in the Federal Government, the starting salary for economists having a bachelor's degree was $35,752 in 2007. Assume that our economist will get this government job that offers a 3 percent raise annually. After 5 years of working, she quits and never works again. How much will this worker have earned over her brief working career? How much will she have paid in Social Security and Medicare taxes if the tax rate is 7.45 percent?
What will be an ideal response?
The worker will have earned a total of approximately $189,812. She will have paid
approximately $14,141 in taxes.
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In the above figure, as Brendan's income rises his consumption bundle moves from point A to point C. This implies that for Brendan, compact discs are ________ good and haircuts are ________ good
A) a normal; an inferior B) a normal; a normal C) an inferior; an inferior D) an inferior; a normal
The elasticity of supply of rental units in New York City is estimated to be about 0.10. Current price restrictions (price floors) are estimated to decrease the price of rental units by 10% below equilibrium price
By how much would price and quantity supplied change if the price floors were removed from the rental unit market in New York City? A) Price will increase by 10% and quantity supplied will increase by 1%. B) Price will decrease by 10% and quantity supplied will increase by 1%. C) Price will increase by 10% and quantity supplied will decrease by 1%. D) Price and quantity supplied will increase by 10%.
If Oscar's company has a lease that runs until six months from now, which of the following would be true?
a. His rent payments would be considered fixed costs and anything longer than six months would be considered the short run. b. His rent payments would be considered fixed costs and anything less than six months would be considered the short run. c. His rent payments would be considered variable costs and anything longer than six months would be considered the short run. d. His rent payments would be considered variable costs and anything less than six months would be considered the short run.
Which statement shows consumer expectation affecting demand?
a. Mikayla buys a new skirt style that she saw in a fashion magazine. b. Jacob's wages go up, so he buys an extra pair of basketball shoes. c. The price of fuel containing ethanol drops, so gasoline sales decrease. d. Emma buys 10 pounds of coffee because crops are failing in Kenya.