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Business, 14.10.2021 01:20 ccispoppin12

Joe just received a $2,000 commission check from his employer on the 21st of December, bringing his total income up to $49,000 for the year. His marginal tax rate for federal income tax is 35%. His state income tax is 4% and the local income tax is 1%. The FICA tax rate is 8%. How much of the commission will Joe have left over to spend on Christmas presents. That is, how much of that commission does he get to keep? Assume that commissions are taxed as ordinary income and subject to the marginal tax rates. (No dollar signs, commas or decimals)

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