Taxes
what day do you have to file taxes by?
April 15th
What is investment banking?
corporations issue shares of stock in an IPO or an additional stock offering
What is credit?
Credit is the ability to borrow money or access goods or services with the understanding that you'll pay later
What is a loan?
the lending of money by one or more individuals,
What does "IRS" stand for?
Internal Revenue Service
When does the tax year end?
December 31st
What is a bank?
A bank is a financial institution that accepts deposits from the public
What is the highest possible credit score?
850
What do you need to take out a loan?
Proof of your identity. Proof of address, proof of income, recurring monthly expenses, Your credit score, Your purpose for the personal loan.
What is a W-2 form?
an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them.
How do I know if I have to file a tax return?
when their earned income is more than their standard deduction
what are banks ran by?
Public banks are owned and operated by governments
what does your credit score start at when you turn 18
Without an established history, your credit report and credit score doesnt appear when you turn 18
can you put up any collateral for a loan?
Collateral on a secured personal loan can include things like cash in a savings account, a car or even a home.
What happens if you commit tax fraud?
An individual who commits tax fraud can be fined up to $100,000 and sentenced to up to three years in prison.
what tax form is completed every April?
1040 form
What is intrest?
Interest is the amount of money a lender or financial institution receives for lending out money.
what is a credit limit
the maximum amount of credit a financial institution extends to a client.
How much should you borrow for a loan?
the difference between your net college costs and the amount of income and savings
What is a collateral?
something pledged as security for repayment of a loan, to be forfeited in the event of a default
How much do you have to make before you have to file a tax return?
It should be over $14,050 to file a tax return. If your unearned income was more than $1,050, you must file a return
What is the current going interest rate?
For today, December 16th, 2021, the current average mortgage rate on the 30-year fixed-rate mortgage is 3.036%,
What is a credit report?
a credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments.
How does the loan repayment work?
adds a portion of the past-due amount to your bill for a period of several months until you're caught up
What happens if you go over you're credit limit?
you're charged an over-limit fee of up to $25 for the first instance and up to $35 for the second