; (ii) an allowance for payroll taxes, determined in accordance with paragraph (2); (iii) an income protection allowance that is equal to— (I) in the case of a single independent student without dependents— (aa) $14,190 for award year 2020–2021; and (bb) for each succeeding award year, the amount adjusted pursuant to section 478(b); and (II) in the case of a married independent student without dependents— (aa) $22,750 for award year 2020–2021; and (bb) for each succeeding award year, the amount adjusted pursuant to section 478(b); and (iv) in the case of a married independent student, an employment expense allowance, as determined in accordance with paragraph (3); and (B) multiplying the amount determined under subparagraph (A) by 50 percent. (2) Allowance for payroll taxes The allowance for payroll taxes is equal to the sum of— (A) the total amount earned by the student (and spouse, if appropriate), multiplied by the rate of tax under section 3101(b) of the Internal Revenue Code of 1986; and (B) the amount earned by the student (and spouse, if appropriate) that does not exceed such contribution and benefit base (twice such contribution and benefit base, in the case of a joint return) for the year of the earnings, multiplied by the rate of tax applicable to such earnings under section 3101(a) of such Code. (3) Employment expenses allowance The employment expense allowance is equal to the following: (A) If the student is married, such allowance is equal to the lesser of $4,000 or 35 percent of the couple’s combined earned income (or is equal to a successor amount as adjusted by the Secretary pursuant to section 478(g)). (B) If the student is not married, the employment expense allowance is zero. (c) Family’s available assets (1) In general (A) Determination Except as provided in subparagraph (B), the family's available assets are equal to— (i) the difference between the family's assets (as defined in section 480(f)) and the asset protection allowance (determined in accordance with paragraph (2))