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Discretionary income is disposable income (after-tax income), minus all payments that are necessary to meet current bills. It is total personal income after subtracting taxes and minimal survival expenses (such as food, medicine, rent or mortgage, utilities, insurance, transportation, property maintenance, child support, etc.) to maintain a certain standard of living. [7]
that money goes. Here it is: According to ONE, a single taxpayer, making the average household income of $49,445, pays $8,486 in taxes before exemptions.
Housing accounts for 33% of the average American household's total spending. ... the tax benefits of a health savings account. ... and we've accounted for most of the ways Americans spend their money.
Therefore the budget is split into revenues, which are the taxes (T), and the spendings, which are transfers (TR) and government spendings (G). Revenue minus spending results in the public (governmental) saving: = The disposable income of the households is the income Y minus the taxes net of transfers:
Personal income tax is a tax levied on income earned by individuals, and its rates are adjusted according to the jurisdiction of each country. It serves as a significant source of revenue for the government, which is then utilized for funding public goods and services. [22] [23]
They currently have outflows of around $360,000 per year, with $100,000 going to their mortgage, $30K to property taxes, $10K to insurance, $100K to their kids' education, and $120K on other ...
This is the classic "You pay for what you spend" tax, as only those who spend money on non-exempt (i.e. luxury) items pay the tax. A small number of U.S. states rely entirely on sales taxes for state revenue, as those states do not levy a state income tax.
Discretionary spending is non-essential spending that isn't mandatory for your basic needs like shelter, food, healthcare, work and personal care. Many expenses are essential, but discretionary...
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