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Definition:



For households and individuals, "income is the sum of all the wages, salaries, profits, interest payments, rents, and other forms of earnings received in a given period of time." (also known as gross income).



Question:

Based on the Definition of Income above what is the impact of income on the budgeting of an indvidual?



Rubric:

Please use RACES (Restate, Answer, Cite, Explain/Summarize)

Must be AT LEAST 3 Sentences

Proper Grammer and Punctuation Needed plz help i need at least 3 Sentences i only have 15 points plzzzzzzzz

Sagot :

reinscad0

Answer:

Disposable income is the money that is available to invest, save, or spend on necessities and nonessential items after deducting income taxes.

Discretionary income is what a household or individual has to invest, save, or spend after necessities are paid.

Examples of necessities include the cost of housing, food, clothing, utilities, and transportation.

The U.S. Department of Education uses your discretionary income to calculate payments for income-based repayment plans.

Explanation:
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