Question When you live on your own, what expenses would you have to pay?
I Thought I made Money! $2512.91….24 payments $60309.84 total $502.44 to STRS $585.10 to Fed income tax $130.18 to state income tax $71.94 to Medicare $99.24 to Mayfield Village $74 car insurance $100 gasoline $83 cell phone $57.06 to medical insurance $300 to 403 B $1225 to mortgage $110 to electric $95 to gas $23 to H20 and sewer $118 to cable/internet $150 food $150 entertainment =$3873.96 spending per month $5025.82 income
Effective Tax Rate The actual amount (%) of tax paid by an individual after deductions have been made
Average Tax Rate Total tax paid divided by total (taxable) income, as a percentage
Progressive Tax Average tax rate increases as income increases A larger absolute value and a larger percentage of income as income increases
Regressive Tax Average tax rate declines as income increases Smaller proportion of income as income increases
Proportional Tax Average tax remains the same regardless of the size of income
Personal Income Tax Progressive tax with rates ranging from 10-35% of income Deductions such as mortgage interest can make the taxes slightly less progressive