You have a job at a real-estate agency in the small country of Cocovania, where

Question

You have a job at a real-estate agency in the small country of Cocovania, where you are paid 72,000 conchs (the currency of Cocovania) 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 45,000 conchs a year. Social insurance tax and income tax rates are listed below. Social insurance taxes: 7.65% on your first 1 10,100 conchs of total income Income taxes: Taxable income in conchs) 0-8,700 8,700-35,350 35,350-85,650 85,650-178,650 Tax rate 10% 15% 25% 28% Using the information above, what would be the total amount you pay in social insurance taxes on your second job?

Explanation / Answer

The total social insurance taxes on second job = 0.0765 * 45,000

social insurance taxes on second job = 3442.50

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