The field of economics and finance is as broad as it has the entire world in it. As per a number of qualified professionals, economics is the most important subject to read (Duffy, 1993). The government of every country always tries to enhance the knowledge of this particular subject among every citizen. This particular assignment has also talked about economics and finance. Basically finance is the amalgamation of two things which predominantly are accounting and economics.
This main perspective of this assignment is to write a report on the amount charge as tax. Actually we have been given a task in which we have to incorporate different provisions of taxes. Different provisions of tax include Social security tax, income tax and Medicare tax.
It is suppose that in this assignment that Mr. Wilson, president of our company has given me this task to compute the total tax on these three things which we have just mentioned above. Tax base and Slabs have also been provided to complete this task in a pure professional manner. We are also well cognizant with the fact that, tax would be charge on yearly basis that is why Mr. Wilson has intimated us regarding his annual salary which is about $ 94,000 (per annum). We will calculate the tax effect on each provision subsequently. Let’s first compute the tax incidence on the total income of Mr. Wilson
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