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Mr. Esposito, a petroleum engineer, earns an $83,000 annual salary, while Mrs. Esposito, a homemaker, has no earned income. Under current law, the couple pays 20 percent in state and federal income tax. Because of recent tax law changes, the couple’s future tax rate will increase to 28 percent. If Mrs. Esposito decides to take a part-time job because of the rate increase, how much income must she earn to maintain the couple’s after-tax disposable income? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

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Answer:

Before the tax law change, the couple paid a total of:

$83,000 x 20% = $16,600 in taxes

After the tax law change, now the couple must pay a total of:

$83,000 x 28% = $23,240 in taxes.

For this reason, Mrs. Esposito must make, in her part time job, a total of:

$23,240 - $16,600 = $6,640 dollars in order to maintain the couple's after-tax disposable income.

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