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Personal Income = Disposable Income + Personal Savings

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14y ago

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How do you culculate one percent of a million?

1% = 0.01 and so 0.01 times 1,000,000 = 10,000


What formula do you use to calculate income tax?

To calculate income tax, one should sum up the totals of all the taxable income and subtract from it the personal allowance and any other tax free allowances. After that, one should apply the rate of tax on the resultant value to find out the income tax payable.


What are the dollar amounts for determining tax brackets?

It depends on the filing status. For 2008: (Tax Rate Schedule X) * 10% on income between $0 and $8,025* 15% on the income between $8,025 and $32,550; plus $802.50* 25% on the income between $32,550 and $78,850; plus $4,481.25* 28% on the income between $78,850 and $164,550; plus $16,056.25* 33% on the income between $164,550 and $357,700; plus $40,052.25* 35% on the income over $357,700; plus$103,791.75(Tax Rate Schedule Y-1) * 10% on the income between $0 and $16,050* 15% on the income between $16,050 and $65,100; plus $1,605.00* 25% on the income between $65,100 and $131,450; plus $8,962.50* 28% on the income between $131,450 and $200,300; plus $25,550.00* 33% on the income between $200,300 and $357,700; plus $44,828.00* 35% on the income over $357,700; plus$96,770.00(Tax Rate Schedule Y-2) * 10% on the income between $0 and $8,025* 15% on the income between $8,025 and $32,550; plus $802.50* 25% on the income between $32,550 and $65,725; plus $4,481.25* 28% on the income between $65,725 and $100,150; plus $12,775.00* 33% on the income between $100,150 and $178,850; plus $22,414.00* 35% on the income over $178,850; plus$48,385.00(Tax Rate Schedule Z) * 10% on the income between $0 and $11,450* 15% on the income between $11,450 and $43,650; plus $1,145.00* 25% on the income between $43,650 and $112,650; plus $5,975.00* 28% on the income between $112,650 and $182,400; plus $23,225.00* 33% on the income between $182,400 and $357,700; plus $42,755.00* 35% on the income over $357,700; plus$100,604.00


What is the formula for determining state income tax on a straight percent basis?

The formula for determining state income tax on a straight percent basis is: State Income Tax = Taxable Income × State Tax Rate. Here, the taxable income is the income subject to taxation after deductions and exemptions, and the state tax rate is the percentage set by the state government. This method applies a consistent rate across all taxable income, simplifying the calculation.


How much more money do I get for claiming 1 instead of 0 on my paycheck?

This cannot be determined without knowing your income as the calculation changes as income increases. For example if your annual income is $20,000 you will get a larger amount than you would if your annual income was $60,000.

Related Questions

Would personal income disposable income or discretionary income be of the greatest interest to marketers?

Discretionary income, not personal income or disposable income, would be the greatest interest to marketers.


What is the difference between personal income and disposable income?

a


To calculate disposable personal income you take personal income and subtract what?

individual income taxes


The amount of money a person has left of his or her income after taxes is called?

disposable personal income


What is the amount of money a person has left on his or her income after taxes called?

disposable personal income


What is the amount of money a person has left of his or her income after taxes called?

disposable personal income


What is the relationship between consumer spending and disposable personal income?

a direct relationship.


Differentiate between personal income and disposable income?

Personal income all of the income that you call your own, And disposable income would be any amount that YOU MAY HAVE LEFT AFTER contributing to your savings and retirement plans and paying all of your taxes, bills, debts, living, transportation and all other necessary expenses that you may have and owe. Any amount of your personal income THAT YOU HAVE LEFT AFTER THAT would be disposable income that you could give away, throw away or waste for unneeded expense that you want but do not need.


How do you calculate the equilibrium level of consumption?

you first have to culculate equilibrium level of income.


How do you culculate the gross spread ratio of a bank?

Gross Spread for Banks = (Net Markup Income/Gross Income)


Does disposable income decrease when income decreases?

yes because the disposable income it is necessary to determine total income so when income decrease does disposable income decrease also.


What can households do with their personal disposable income?

They can either spend it (consumption) or they can put it into their bank account (saving)