Google
Sunday 
January 26, 2025 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
THREE QUESTIONS OF ALLOCATION: The three basic questions that an economy must answer because of limited resources and unlimited wants and needs are: What? How? and For Whom? The basic problem of scarcity requires every society to determine: What goods to produce? How to produce the goods? and Who receives the goods that are produced?

Visit the GLOSS*arama


PERSONAL TAXES:

The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product.
The primary taxes included in personal tax and nontax payments are the personal income taxes (the ones due on April 15th) that are paid to the three levels of government--federal, state, and local. Another major component is property taxes paid to state and local governments. It also includes assorted, and minor, nontax fees and charges, such as fishing licenses and national park entrance fees.

Taxes excluded from this item might be as important as those included. Personal tax and nontax payments do NOT include Social Security taxes or sales taxes. Both of these enter into the National Income and Product Accounts in other places.

The derivation of disposable income (DI) from personal income (PI) by subtracting personal tax and nontax payments (PT) is illustrated by this equation:

DI=PI - PT

<= PERSONAL TAX AND NONTAX PAYMENTSPHENOMENON =>


Recommended Citation:

PERSONAL TAXES, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: January 26, 2025].


Check Out These Related Terms...

     | personal tax and nontax payments | disposable income and personal income | gross domestic income | factor payments | transfer payments | income earned but not received | income received but not earned | corporate profits distribution |


Or For A Little Background...

     | disposable income | personal income | gross domestic product | gross domestic product, income | production | resource markets | National Income and Product Accounts | Bureau of Economic Analysis | National Bureau of Economic Research |


And For Further Study...

     | business cycles | circular flow | gross domestic product, expenditures | gross domestic product, ins and outs | gross domestic product, welfare | national income | net domestic product | gross national product | real gross domestic product | national income and gross domestic product | national income and net domestic product | personal income and national income | inflation | unemployment |


Related Websites (Will Open in New Window)...

     | Bureau of Economic Analysis |


Search Again?

Back to the WEB*pedia


APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for poorly written technical manuals.
Your Complete Scope

This isn't me! What am I?

Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"It has been my philosophy of life that difficulties vanish when faced boldly. "

-- Isaac Asimov

ICSID
International Center for the Settlement of Investment Disputes
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2025 AmosWEB*LLC
Send comments or questions to: WebMaster