; (B) an allowance for payroll taxes, determined in accordance with paragraph (2); (C) an income protection allowance, determined in accordance with paragraph (3); and (D) an employment expense allowance, determined in accordance with paragraph (4). (2) Allowance for payroll taxes The allowance for payroll taxes is equal to the sum of— (A) the total amount earned by the parents, multiplied by the rate of tax under section 3101(b) of the Internal Revenue Code of 1986; and (B) the amount earned by the parents 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) Income protection allowance The income protection allowance for award year 2020–2021 and each succeeding award year shall equal the amount determined in the following table, as adjusted by the Secretary pursuant to section 478(b): Income Protection Allowance 2020–2021 (to be adjusted for 2021–2022 and succeeding years) Family Size (including student) Amount 2 $19,080 3 $23,760 4 $29,340 5 $34,620 6 $40,490 For each additional add $4,750. (4) Employment expense allowance The employment expense allowance is equal to the lesser of $4,000 or 35 percent of the single parent’s earned income or married parents’ combined earned income (or is equal to a successor amount as adjusted by the Secretary pursuant to section 478(g)). (d) Parents' available assets (1) In general (A) Determination Except as provided in subparagraph (B), the parents' available assets are equal to— (i) the difference between the parents’ net assets and the education savings and asset protection allowance (determined in accordance with paragraph (2))