Credit Cards
The maximum amount that may be borrowed on a credit card
What is "credit limit"
The original amount of money borrowed, separate from interest or fees.
What is "principal"
You get me by January 31. I show your earnings from the previous year.
What is "W2"
A range of income amounts that are taxed at a particular rate
What is "tax bracket"
The monthly record of your account transactions sent to you by your bank.
What is a "statement"
A yearly fee that may be charged for having a credit card
What is "annual fee"?
A loan for buying real estate or property.
What is a "mortgage"
You fill me out BEFORE you start a job. I tell your employer about how much to withhold in taxes.
What is "W4"
Taxes paid by employees to federal and state government through a direct deduction from their paycheck. Can get some of it back as a refund when taxes are filed.
What is "income tax"
To write a check or make a withdrawal when there isn't enough money in the account to pay for it.
What is "overdraw"
The amount you owe as the cost of borrowing money
What is "interest"
The amount of time you have to repay your loan
What is "term"
You ALSO fill me out before you start a job. I confirm you are legally able to work in the US.
What is "I9"
Federal and state taxes that all employers must pay, based on a percentage of the employee's salary, toward social services such as Social Security and Medicare (FICA)
What is "payroll tax"
The person to whom the check is made payable.
What is "payee"
A type of credit card that requires the borrower to pay the company up front. This becomes the collateral and credit limit. This makes it low-risk to the bank.
What is "secured credit card"
Something valuable that the lender can take as payment if you default on your loan.
What is "collateral"
What is "1040"
Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes
What is "dependent"
To sign the back of a check made out to you so it can be cashed or deposited.
What is "endorse"
A table/graphic that legally must appear in a credit card agreement showing basic information about the card's rates and fees.
What is "Schumer Box"
A loan used to finance a SPECIFIC purchase for a SPECIFIC amount of time.
You receive me if you were self employed or a contractor.
What is "1099"
The set amount of money, per dependent, you can subtract from your taxable income
What is "exemption"
An online process that allows you to send money directly from your checking account to a friend via email or cell phone.
What is "Person to Person Payment"