; and (B) the amount earned by the student that does not exceed such contribution and benefit base for the year of the earnings, multiplied by the rate of tax applicable to such earnings under section 3101(a) of such Code. (4) Allowance for parents' negative available income The allowance for parents' negative available income is the amount, if any, by which the sum of the amounts deducted under subparagraphs (A) through (D) of subsection (c)(1) exceeds the sum of the parents' total income (as defined in section 480) and the parents' available assets (as determined in accordance with subsection (d)). (h) Student’s assets The student’s assets are determined by calculating the net assets of the student and multiplying such amount by 20 percent, except that the result shall not be less than zero. . (e) Student aid index for independent students without dependents other than a spouse Section 476 ( 20 U.S.C. 1087pp ) is amended to read as follows: 476. Student aid index for independent students without dependents other than a spouse (a) Computation of student aid index (1) In general For each independent student without dependents other than a spouse, the student aid index is equal to (except as provided in paragraph (2)) the sum of— (A) the family's available income (determined in accordance with subsection (b)); and (B) the family's available assets (determined in accordance with subsection (c)). (2) Exception If the sum of paragraphs (1) and (2) with respect to a independent student without dependents other than a spouse is less than −$1,500, the student aid index for the independent student shall be −$1,500. (b) Family's available income (1) In general The family's available income is determined by— (A) deducting from total income (as defined in section 480)— (i) Federal income taxes; (ii) an allowance for payroll taxes, determined in accordance with paragraph (2)