Taxes
This tax is for items purchased at the store
sales tax
this number represents your credit worthiness
credit score
a tool used to borrow money for a purchase
a credit card
the easiest way to build your credit score
a credit card/Paying off a credit card
the amount people need to make in order to be required to file taxes
$12,400
the amount you pay on top of what you owe
interest
someone who leaves a balance on their credit cards is called a
revolver
the amount you pay at the beginning with the promise to make money later
an advanced fee scam
the maximum amount you can borrow on a credit card
credit limit
what are 3 things is tax money is used for?
To fund the government:
Roads
Government buildings
Parks
Schools
Emergency services
Social welfare programs
Libraries
Government officials
someone who pays off their credit cards every month is called a:
transactor/deadbeat
the form you receive summarizing what you earned every year
a W-2 form
the amount you pay upfront when getting a car loan
a downpayment
the 3 ways you can file your taxes
1. a professional
2. an online software program
3. doing it yourself (traditional paper)
The most important factor in your credit score
payment history
the percentage of your credit score that factors in new credit
10%
you fill me out every time you start a new job
a w-4 form
maxing out your card
not paying on time
not using your card
opening too many credit cards in a short period of time
3 important reasons why you should file your taxes
You might get a refund!
It’s important to know if you were taxed correctly
To avoid fees, interest (charges), and penalties
To protect your credit score
Not doing your taxes is also tax evasion (federal offense)
when the bank gives "$200 bonuses after spending $700"
a new customer offer/a "draw-in" method
when applying for a new line of credit the banks conduct a ____________ to view your score. (specific)
hard inquiry
i'm the agency that takes your money
the IRS (internal revenue service)
what do tax deductions do?
this reduces your taxable income when filing taxes