income

2012 Food Stamp (SNAP) Income Eligibility Levels, Deductions and Benefit Allotment Payments

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The Federal Food Stamp Program is now known as the Supplemental Nutrition Assistance Program (SNAP). Eligibility for SNAP depends on things like the number of people in your household, income, and resources (cash, bank accounts, etc…). Income includes money earned from work. It also includes benefits like Social Security and unemployment. The following table shows [...]

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2012 401K, IRA and Roth IRA Contribution and Income Deduction Limits

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[Updated with 2012 details] 2012 tax advantaged retirement plan contribution limits have officially been released by the IRS, with slight increases over 2011 limits; due mainly to cost of living adjustments (COLA). Further with increases in income phase-out thresholds, more people can benefit from employer and self-managed retirement plans.  The table below summarizes key changes [...]

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2011-2012 Alternative Minimum Tax (AMT) and Exemption Amounts

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Everybody should pay their fair share of taxes, right? It would be difficult to find somebody who doesn’t believe that but in reality it’s not that simple. The tax code is a complicated document which gives rise to a number of loopholes that are widely known (and used) by the nation’s wealthy as well as [...]

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US Real GDP By State and Per Capita Income Comparison

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The US Bureau of Economic Analysis has released the 2010 Gross Domestic Product (GDP) figures which showed a 2.6% average increase across the nation. As the graphic below shows 48 states and Washington DC experienced real GDP growth, led by the eastern seaboard states. Texas, North Dakota and Oregon were other states which had the [...]

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How Much Do People Drink vs Abstain – 2011 Global Alcohol Report

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I must say I do enjoy an occasional social drink and was quite interested to see how I compare to the average drinker in a recent report that came out from the World Health Organization.  The report reaffirms some well known facts but also highlighted some worrying trends related to drinking, whether you are rich [...]

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The Most Overlooked Tax Deductions You Can Claim This Year

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The folks at Turbo Tax have provided a list of the most overlooked deductions that may save you a few bucks when filing your tax return this year: 1. State sales taxes This write-off makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting [...]

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Do I Need Disability Insurance Policy To Protect My Income

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Ask yourself this question. What is your most important and valuable asset? Think about it for a minute. Is it your house? Your savings or your 401(k) retirement plan? Your sports car or rare memorabilia? While all of these things are both important and valuable, none of them truly represent your MOST valuable asset – [...]

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A Look at The Average American Income, Earnings and Poverty by Household, Gender and Race

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The US Census bureau collects and publishes the most timely and accurate income data on an annual basis, which make for interesting reading from a personal finance perspective. Income is primarily earnings from a job, but includes Social Security payments, pensions, child support, public assistance, annuities, money derived from rental properties, interest and dividends. During [...]

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Understanding Your W2 Employer-Employee Reporting Form For 2010 Taxes Filed in 2011

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The IRS has just released the 2011 W2 Form which employers use to report employee wages, bonuses and other benefits received during the year; along with taxes (federal, state, medicare and social) that were withheld. It also shows voluntary pre and post tax contributions made to your 401K and company health programs. W2 Changes in 2011 [...]

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Your Four Step Plan Towards Financial Healing – Breaking the Paycheck to Paycheck Syndrome

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In the current financial climate, many of us are under pressure to pay the bills, buy basic household items and meet our day to day expenses. Finding spare cash to pay off loans, save for your kids college expenses and to build up a decent retirement nest-egg seems like an impossible dream. Even having any [...]

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Poverty Guidelines, Thresholds and Income Limits for 2010 and 2011 – Nearly 50 Million Americans in Poverty

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[Updated - September 2011] According to the Census bureau, the official poverty rate in 2010 (latest data) was up to 15.1 percent, versus 14.3 percent in 2009 and 13.2 percent in 2008. This translates to nearly 50 million Americans in poverty, up from 39.8 million in 2008 and is the fourth consecutive annual increase, a [...]

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How to Reduce Your Tax Bill Liability By Lowering Your Taxable Income and Claiming More Deductions

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I recently filed my taxes and much to my disappointment I ended up owing taxes. While paying taxes is not itself a bad thing, after all I did not give an interest free loan to Uncle Sam, what really hurts is that if I had undertaken a few actions earlier in the year I could [...]

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