When calculating Personal Income, payroll taxes employees have to pay (6.2% of their salary) is considered
When calculating Personal Income, payroll taxes employees have to pay (6.2% of their salary) is considered
income earned but not received
transfer payments
retained earnings
income received but not earned
Homework Answers
The correct answer is: (a) income earned but not received.
Transfer payments are unilateral payments received without rendering any service like scholarships, grants, etc.
Retained earnings are cumulative undistributed profits of the companies.
Income received but not earned includes Social Security payments, unemployment compensation payments, and welfare payments.
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When calculating Personal Income, payroll taxes employees have to pay (6.2% of their salary) is considered
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