Page:United States Statutes at Large Volume 100 Part 2.djvu/360

 100 STAT. 1462

PUBLIC LAW 99-498—OCT. 17, 1986 jgi * «,. T

"(C) an amount equal to 70 percent of the student's total income (determined in accordance with section 480) minus the adjustment to student (and spouse) income (determined in accordance with paragraph (3)).

"(2)

ADJUSTMENT TO STUDENT (AND SPOUSE) INCOME.—The

adjustment to student (and spouse) income is equal to the sum of— "(A) estimated Federal income taxes of the student (and spouse); "(B) an allowance for State and local income taxes (determined in accordance with paragraph (3)); and "(C) an allowance for social security taxes determined in accordance with paragraph (4). "(3) ALXOWANCE FOR STATE AND LOCAL INCOME TAXES.—The

allowance for State and local income taxes is equal to an amount determined by multiplying total taxable income (as defined in section 480) by a percentage determined according to the following table: "Percentages for Computation of State and Local Income Tax Allowance If the students'State or territory of residence is— Alaska, American Samoa, Florida, Guam, Nevada, South Dakota, Tennessee, Texas, Trust Territory, Virgin Islands, Washington, Wyoming Connecticut, Louisiana, Puerto Rico Arizona, New Hampshire, New Mexico, North Dakota Alabama, Colorado, Illinois, Indiana, Kansas, Mississippi, Missouri, Montana, Nebraska, New Jersey, Oklahoma Arkansas, Georgia, Iowa, Kentucky, Maine, Pennsylvania, Utah, Vermont, Virginia, West Virginia, Canada, Mexico California, Idaho, Massachusetts, North Carolina, Ohio, Rhode Island, South Carolina Hawaii, Maryland, Michigan, Wisconsin Delaware, District of Columbia, Minnesota, Oregon New York

The percentage

0 1 2 3 4 5 6 7 8

"(4) ALLOWANCE FOR SOCIAL SECURITY TAXES.—The allowance

for social security taxes is equal to the amount earned by the student (and spouse) multiplied by the social security withholding rate appropriate to the tax year of the earnings, up to the maximum statutory social security tax withholding amount for that same tax year. "(h) STUDENT (AND SPOUSE) INCOME SUPPLEMENTAL AMOUNT FROM

29 USC 1651.

ASSETS.—The student (and spouse) supplemental income amount from assets is determined by multiplying by 35 percent the sum of— "(1) the current balguice of checking and savings accounts and cash on hand; and "(2) the net value of investments and real estate, including the net value in the principal place of residence except in the case of a dislocated worker (certified in accordance with title III of the Job Training Partnership Act) or a dislocated homemaker (as defined in section 480(e) of this Act).

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