Question

Layout References Mailings Review View Tell me Ο Α Α΄ Аа AO 21 x ADA ABCcDdEe AaBbCcDdEe 2 AaBbcc AaBbceDdE AaBb Aalbcode Heading 1 Heading 2 Normal Title No Spacing Subtitle Taxes In this day and age, misinformation is rampant on the internet and on social media. It is a vital skill to be able to think critically and problem solve to sort through important issues. We will explore two social media posts concerning the political realm that have been fact-checked and proven to be false claims. For the purposes of this exercise, we will focus on the mathematics rather than the politics. In February 2020, it was claimed on social media that a certain politician said that they want minimum wage to be $15/hour. It was also falsely claimed that this same politician wanted to raise taxes to 52% for anyone making over $29,000 per year. Then, the following mathematical/logical argument was put forth: If someone makes $15/hr and works 40 hours/wk, then they would make $31,200 per year. Here is the calculation = $600 per week $15 40 h 5600 wk 52 wk X year = $31,200 per year Now, if this same person is taxed at 52% under the U.S. tax laws, then they would pay the following taxes: 52% of $31,200 -0.52 x $31,200 = $16,224 So their take home pay is $31,200 - $16,224 = $14,976. Doing the math, we get that $14,976 +52 weeks - $288 per week $7.20 per hour $200 werk 40 hours Notice that the computations (multiplication, division, etc) are technically correct, but there are serious flaws in the argument presented. Let's try to identify and correct some of these flaws. Investigation 1: Identify as many errors as you can in the argument presented.

Answer 1

Calculation of income is all correct that is $31,200 per year *** But the error is in calculation of tax (Tax income @52% overft 29 000) it meess Opto $29000 there will be no tax liability Income exceedling $29 our will be taxed @ 52% So, tax = 52% of (31200-29000) 0.52X 2 200 Store $1144

So, their take home pay is 5 31200 - 1144 $ Sokos 30,056 Doing the math, we get that $ 30,256 52 weeks = 578/ Week 573/W $ 578 week =$14.45 per hour 40 hours

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