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If you pay 925.00 a month rent and my take home pay is 2500 what percentage goes to rent?
Generally, rent as a percentage of income is based on one's GROSS income (before taxes, insurance, and other deductions). Gross income should be obvious if you are salaried and easily calculable by multiplying your hourly wage by 2080 if you are a fulltime hourly employee. Obviously, working backward can be more difficult because you must take into account your own situation and taxes. Under the assumption you are in a 25% tax bracket, 2500 net take home is approximately 2500 x (100 "gross"/75 "net") or just over 3300 gross income. 925/month rent is approximately 925 rent/3300 "gross" x 100% or 28% of your gross income.
What is exculded from gross income for section 8 housing?
Medical expenses in excess of 3%, plus $400 per year, of the disabled or elderly person's annual income.
If you rent out your house do you have to claim it as an income?
Sure you do you will have to use the 1040 tax form along with the schedule E Supplemental Income and loss form to report your gross rental income and expenses on the rental real estate house. Go to the IRS gov website and use the search box for the forms and instruction that you will need for this purpose. Or you can order them by phone by calling 1-800-829-3676
How many pencils are in a grass?
There are 144 items in a gross. You can have a gross of eggs, baseballs, golf balls, pencils etc. A gross is just indicative of having 144 of that particular item.
What is the annual income for an architect?
The annual income for an architect really depends on what they are working on and where they are working at. But the monthly income for an experienced architect is $4,070.
How do you figure net income?
subtract the tax you pay from your gross income.
Is gross income or adjusted gross income used in refinance?
Gross income.
How much income do you have to earn before you fine a Pennsylvania State income tax return?
$33 of Pennsylvania taxable gross income. Yes, that is an incredibly low figure.
Is your adjusted gross income is your gross income minus specific deductions?
Yes, your adjusted gross income (AGI) is calculated by taking your gross income and subtracting specific deductions, known as adjustments to income. These adjustments can include contributions to retirement accounts, student loan interest, and certain expenses related to self-employment. The AGI is an important figure used to determine eligibility for various tax credits and deductions.
How is gross income different from net income?
net income is gross income less expenses
Is gross income higher than net income?
Gross income in normally higher then net income unless there is other income then normal business operations then net income may be higher then gross income.
What do you file on your US income tax form -- gross or true gross income?
The total of all of your GROSS WORLDWIDE INCOME would be your GROSS INCOME that will be reported on your 1040 federal income tax return. That is every amount that is income to you for the tax year.
Are taxes deducted from gross income or net income?
Gross income is generally your total income. Net income is what you actually end up with to pay your bills. Gross income minus taxes & other deductions (such as disability insurance) equals net income.
What is another word for Gross income?
Another word for gross income is taxable income. This is the income before taxes are taking out.
Do you pay tax on your gross income or net income?
You pay tax on your adjusted gross income. This is not quite the same thing as gross income, but it's definitely not net either.
What is the gross monthly income for a politician?
the gross monthly income for a politician is $6300
Is owners drawing on the balance sheet net or gross income?
gross income
