Editing 1971: Personal Data
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* How the economy is doing does have some impact on how the budget is planned. | * How the economy is doing does have some impact on how the budget is planned. | ||
* Stock prices may have an impact on a person's reported income, but this is not a major concern for most people, as it is unlikely that they receive much of their income from stocks. | * Stock prices may have an impact on a person's reported income, but this is not a major concern for most people, as it is unlikely that they receive much of their income from stocks. | ||
β | * Do not leave money in your mailbox, | + | * Do not leave money in your mailbox, without postage! |
While the concept of paying taxes is simple, the processing of filling out the paperwork is often complex and laborious. This is because the calculations leading to the final tax amount needs to take many many factors into account: | While the concept of paying taxes is simple, the processing of filling out the paperwork is often complex and laborious. This is because the calculations leading to the final tax amount needs to take many many factors into account: | ||
* Everyone has a different amount of income, and taxes are usually not a simple number or fixed percentage of income. | * Everyone has a different amount of income, and taxes are usually not a simple number or fixed percentage of income. | ||
* Some taxes are withheld ahead of time (e.g. employers usually deduct taxes from pay checks before employees receive them), while others are not (e.g. no one takes away taxes before a waiter collects their tip). | * Some taxes are withheld ahead of time (e.g. employers usually deduct taxes from pay checks before employees receive them), while others are not (e.g. no one takes away taxes before a waiter collects their tip). | ||
β | * Different forms of income can be | + | * Different forms of income can be disincentive differently (e.g. salary vs. investment gains). |
* Some expenses can be incentivised (e.g. medical costs, charitable donations, retirement savings). | * Some expenses can be incentivised (e.g. medical costs, charitable donations, retirement savings). | ||
* There are multiple different taxes (federal vs. state and local, income tax vs. sales tax, etc.) that can affect each other. | * There are multiple different taxes (federal vs. state and local, income tax vs. sales tax, etc.) that can affect each other. |