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Anything can be paid for with discretionary income. That's what makes it discretionary.
"Discretionary income" isn't a real "thing". It's actually all just income. "Discretionary" income refers to what's left over after you've paid for necessities: food, water, shelter, taxes, "fixed costs", things like that.
So, probably the item among the following that isn't actually a NEED is the one the question is looking for.
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What is a discretionary income?
the amount of money available in a budget after all identified expenses has been paid
Do you enter the amount paid from a federal garnish on your tax return?
No. Your gross income is reported on your federal 1040 income tax return. The federal garnish amount that was paid would not be a deduction from your gross income on your income tax return.
Is income from a garnishment taxable?
Income from a garnishment is just as taxable as the same income would be if the person had paid the bill in the first place without the need for garnishment.
What percentage of income tax is paid by what income group?
These numbers are for Federal Income Tax for 2008.The top 50% paid 97.3% of all Federal Income taxes collected.The top 10% paid 69.9%The top 5% paid 58.7%The top 1% paid 38.2%The bottom 50% of income earners only paid 2.7% of the total Federal Income tax in 2008
If you have small business expenses but no income will you get a tax return?
You can get a tax refund (I think that's what you meant) if you paid more taxes in than you owed. So, if you had no income, you would owe no taxes and should get anything back you paid in. Of course, if you had no income, how did you pay taxes?
What is the term for Money left to spend after necessary expenses are paid?
Discretionary Income
What is an example of a fixed expense thats paid for with discretionary funds?
Budget items that remain the same month to moth is an example of a fixed expense that is paid for with discretionary funds. Discretionary fund is the money that is subject to one's own control.
Money left over after the bills are paid is referred to as what?
discretionary income.
What is a discretionary income?
the amount of money available in a budget after all identified expenses has been paid
Why marketers are interested in discretionary income?
Because discretionary Income = The money people have left over once they have paid for all of their basic requirements (Food, Clothing, Shelter). You could also call it Disposable Income because it is money you have (hopefully) that you can spend on whatever you want. If people do not have very much discretionary income then they cant buy all kinds of useless stuff that marketers are trying to sell them. This would limit the potential demand for a good or service.
What is discretionary income?
Discretionary income is disposable income (after-tax income), minus all payments that are necessary to meet current bills. It is total personal income after minus 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. It is the amount of an individual's income available for spending after the essentials have been taken care of: Discretionary income = gross income – taxes – all compelled payments (bills)
What is a fixed expense that's paid for with discretionary funds?
The cable TV bill
Do you enter the amount paid from a federal garnish on your tax return?
No. Your gross income is reported on your federal 1040 income tax return. The federal garnish amount that was paid would not be a deduction from your gross income on your income tax return.
Why the US personal income tax is considered a progressive tax?
As income increases the percentage of that paid as tax progressively increases. If it was a "flat tax" instead, the percentage paid would be constant regardless of income.
What kind of tax is paid on a persons salary?
That would be income tax
Is interest income earned in the US subject to withholding tax when paid to a foreign person?
Yes it is possible that the payer of the interest income would be required to withhold some taxes from the source of the interest income that is being paid to a taxpayer.
Is income from a garnishment taxable?
Income from a garnishment is just as taxable as the same income would be if the person had paid the bill in the first place without the need for garnishment.
