FINANCIAL MATH HOME WORK | Answer all the questions completely for full credit. If a mathematical solution is required, show a complete and correct solution. Cite sources when necessary. Name: Date: This submission is composed of 3 questions/situations. Answer completely or show a complete solution for full marks. A. (20 POINTS) Anita works a part-time job where she makes $9.45 per hour. Anita's gross pay for the current pay period is $238.61. Her deductions include $28.63 for federal taxes, $14.79 for Social Security, $3.46 for Medicare, and $10.14 for state taxes. Using the information above and what you know about FICA, answer the following questions: How many hours did Anita work and what was her net pay? Anita works 31 hours next week. What is her gross pay, total amount of deductions, and net pay, assuming the same percentage is taken out for each of her deductions during the next pay period? continue on the next page B. (20 POINTS) In 2017, Congress passed a bill that affects the tax rates of individuals and businesses between the years 2018 through 2025. It's called the Tax Cuts and Jobs Act, or TCJA. People often refer to the law as tax reform. One change is the standard deduction increased from $6,350 to $12,000 for single filers; from $9,350 to $18,000 for heads of households; and from $12,700 to $24,000 for married couples filing a joint return. Deductions for personal and dependent exemptions, which allowed taxpayers to deduct $4,050 each for themselves, their spouses, and any dependents, were eliminated completely. Research online another way the law changed taxes. Use the search terms "2017 tax reform major changes." Use the information about standard deductions and your research to respond to the following prompts. What impact will the change in standard deductions have on a taxpayer? Use mathematical reasoning as part of your response. How will the change in standard deductions affect families differently than single taxpayers? continue on the next page Identify one other change in the tax law. What effect will this change have on the average taxpayer? C. (20 POINTS)Two main sources of income are regular income, such as from a full-time job, and side income, which is any money earned outside a regular job. Active income and passive income can provide enough money to replace a regular job. Discuss some of the effects of various income sources on the economy, both for individuals (microeconomics) and the population as a whole (macroeconomics). Explain your reasoning and be sure to discuss specific types of income. Prompt 1 o Individuals: What happens if someone with lots of side income loses their main job? What if someone without a lot of side income loses their main job? continue on the next page o Population: What would happen if everyone built side income? How might that affect the economy on a larger scale? o Population: What would happen if everyone built side income? How might that affect the economy on a larger scale? e Prompt2 o Individuals: Some people work multiple part-time jobs to make ends meet. Others have a large salary but work over 50 hours per week. Many people have physical or other challenges. With these considerations, who has the time and money to invest in building side income? Who might not? Are there other situations that make it harder or easier to build side income? o Population: Is side income a viable solution to poverty