We have collected the following information from the FY2024 (Oct. 1, 2023 - Sept. 30, 2024) budget document submitted to Congress by President Biden in March 2023:
able[[Outlays, Receipts, , ], [Defense, Individual Income Taxes, $2,382, ], [Non-defense, $992, Corporation Income Taxes, ], [Social Security, $1,459, able[[Social Insurance and], [Retirement Receipts (Payroll], [taxes)], $1,647
We have collected the following information from the FY2024 (Oct. 1, 2023 - Sept. 30, 2024) budget document submitted to Congress by President Biden in March 2023:
Outlays Receipts
Defense Individual Income Taxes $2,382
Non-defense $992 Corporation Income Taxes
Social Security $1,459
Social Insurance and $1,647
Retirement Receipts (Payroll taxes)
Medicare $842
Excise Taxes $97
Medicaid $556
Estate and Gift Taxes $24
Other mandatory programs $1,060
Customs Duties
Net Interest $61
$796
Other receipts $38
Discretionary Spending $1,872
Total Receipts
Mandatory Spending $4,719
Total Outlays
A. Fill in the missing values for Defense Spending, Mandatory Spending, Total Outlays, and Corporate Income Taxes in the above table.
B. What percent of total spending is the discretionary portion of the budget?
C. What percent of total spending is the mandatory spending portion of the budget?
D. What percent of government receipts are collected from Individual Income Taxes?
E. Compute the value of the budget surplus/deficit.