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To keep yourself financially stable, it is suggested that you keep your rent or mortgage payment 30% or less of your take-home pay.
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∙ 11y ago
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What percentage of total income should be spent on housing?
Well one is obligated to pay their rent, but if someone is going to be paying over 30% of their monthly income on rent, there is a possibility of going upside down.
Should 11 year olds pay rent?
11-year-olds should not pay rent, but they should have chores to do at home and keep their rooms clean. At that age, children would have no income to pay rent.
What percentage of your take home pay should be discretionary income?
50%
What is rent income?
I believe Rent Income or "rental income" is any income received from a property you own & have tennants in who pay you "rent" to live there. This is usually considered a form of income, obviously depending on the country you live in.
What should I expect to pay if I am renting an apartment based on income?
Each state and organization will have its own criteria, from a fixed amount to a percentage of income. Percentage of income usually is between 25-30%.
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.
Does the owner of the rent to own home have to pay taxes on the rent they received?
In general, yes, the owner of a rental property will pay income tax on the rent received.
What percentage of income should be paid for monthly taxes?
The percentage you need to pay will depend upon the tax bracket you are in. If you are unsure, you should hold back at least 30%.
Should the rich have to pay a greater portion of their income in taxes than the poor why or why not?
The rich do in fact pay a higher percentage of their income in income tax, because we have a progressive income tax based on six different tax brackets, where the higher your income is the higher a percentage tax bracket you will be in. Depends on which country you're in. In the US, this is not the case.
What were the beliefs of the populist party?
Rich people should pay a higher percentage of your income taxes APEX !!!
What is the lowest a person can pay in low income housing rent?
$350
Do you pay tax on rental income if you pay rent elsewhere?
Whatever amount you pay for your own personal residence has no effect whatsoever on the taxability of rent payments you receive.
