[Answer] 8. Some financial counselors say that this important monthly payment should not exceed 1/4 to 1/3 of a person's monthly income.

Step 1 : Introduction to the question "8. Some financial counselors say that this important monthly payment should not exceed 1/4 to 1/3 of a person's monthly income."

...1. Pizza and beer 2. Jellybeans & Shoes 3. Caviar and champagne 4. Rent or mortgage payment This is a good recommendation. It is tempting to buy (or rent) the biggest and fanciest house you can get (and home lenders are often willing to finance a larger home than you can realistically afford). But when you add in transportation, food, clothes, utility bills and other expenses, it can be tough to make that payment. You don't want to default on a mortgage payment, so your best bet is caution. Be realistic about the kind of housing you can afford. It all goes on your credit record (see Question 3).

[Ans] Which U.S. President imposed the first federal income tax?

Step 1 : Introduction to the question "Which U.S. President imposed the first federal income tax?"

On this day in 1861, Abraham Lincoln imposes the first federal income tax by signing the Revenue Act. Strapped for cash with which to pursue the Civil War, Lincoln and Congress agreed to impose a 3 percent tax on annual incomes over $800. According to the U.S. Treasury Department, the comparable minimum taxable income in 2003, after adjustments for inflation, would have been approximately $16,000. Congress repealed Lincoln’s tax law in 1871, but in 1909 passed the 16th Amendment, which set in place the federal income-tax system used today. Congress ratified the 16th Amendment in 1913.

[Answer] Which U.S. President imposed the first federal income tax?

Step 1 : Introduction to the question "Which U.S. President imposed the first federal income tax?"

...On this day in 1861, Abraham Lincoln imposes the first federal income tax by signing the Revenue Act. Strapped for cash with which to pursue the Civil War, Lincoln and Congress agreed to impose a 3 percent tax on annual incomes over $800. According to the U.S. Treasury Department, the comparable minimum taxable income in 2003, after adjustments for inflation, would have been approximately $16,000. Congress repealed Lincoln’s tax law in 1871, but in 1909 passed the 16th Amendment, which set in place the federal income-tax system used today. Congress ratified the 16th Amendment in 1913.

[Answer] 6. "Don't try to make me change my mind with factsTo hell with the graduated income taxHow do I know? I read it in the Daily News.." sang Tom PaxtonBy law, by which date each year must people in the USA file their returns to the IRS?

Step 1 : Introduction to the question "6. "Don't try to make me change my mind with facts To hell with the graduated income tax How do I know? I read it in the Daily News.." sang Tom Paxton By law, by which date each year must people in the USA file their returns to the IRS?"

...1. April 15 2. January 31 3. June 10 4. December 31 In the USA, the tax year runs from January 1 to December 31. People living there have until April 15 to file IRS returns for the previous tax year. Other deadlines may apply to State taxes. January 31 is the deadline for tax returns in the UK.

[Ans] What event prompted the first income tax in the United States?

Step 1 : Introduction to the question "What event prompted the first income tax in the United States?"

There wasn't always an income tax, and initially tariffs provided the main source of revenue for the government. The first income tax was created in 1861 during the Civil War as a mechanism to finance the war effort. At first, Congress placed a flat 3-percent tax on all incomes over $800 and later modified this principle to include a graduated tax. Congress repealed the income tax in 1872, but the concept did not disappear. In early 20th century the income tax enjoyed renewed support, and in February of 1913 the Sixteenth Amendment was ratified to the Constitution, thus granting Congress the power to collect taxes on personal income.

[Answer] What event prompted the first income tax in the United States?

Step 1 : Introduction to the question "What event prompted the first income tax in the United States?"

...There wasn't always an income tax, and initially tariffs provided the main source of revenue for the government. The first income tax was created in 1861 during the Civil War as a mechanism to finance the war effort. At first, Congress placed a flat 3-percent tax on all incomes over $800 and later modified this principle to include a graduated tax. Congress repealed the income tax in 1872, but the concept did not disappear. In early 20th century the income tax enjoyed renewed support, and in February of 1913 the Sixteenth Amendment was ratified to the Constitution, thus granting Congress the power to collect taxes on personal income.