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Their preferred method is before-tax income and there are three separate sub-populations (elderly without children, households with children, and non-elderly without children).
Figure 1 displays the 2003-2011 values of before-tax income at the 10th percentile, median, mean, and 90th percentile for the CE's imputed income variable and our imputed income variable.
At a 33 percent tax rate, it took $4,500 of before-tax income to produce the $3,000 in the Roth IRA, but only $3,000 to produce a deductible $3,000 in the traditional IRA.
For Arkansans with an annual income of $25,000, that's 5 percent of before-tax income spent on tobacco.
For fiscal year 1995, you see that for every dollar of before-tax income, Salton only paid three cents of taxes, thereby having 97 conts left after paying taxes.
Self-selection constraints are formulated in terms of the variables that the planner can observe: consumption, before-tax income, and work requirements.
Some make mammoth purchases and charge up huge debts while considering only their before-tax income.
The tax deferral advantage of saving in a 401(k) plan, usually supplemented by employer add-on contributions, encourages households to divert a larger share of before-tax income into these plans than they otherwise would.