Employer parts of the social security payroll tax

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Suppose you earn an hourly wage of w and that you are self-employed (thus, you pay both the employee and employer parts of the Social Security payroll tax). Ignore all other taxes. Suppose also that if you worked your full time endowment T, you would gross over $150,000. Draw the budget constraint that limits your choice of leisure and take-home income, putting leisure hours on the horizontal axis and dollars on the vertical axis. Label all slopes and coordinates of any kink points.

Reference no: EM131097784

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