Taxes
The deadline for filing your taxes.
April 15th
Growing your wealth slowly and steadily is called
This federal program is offered to citizens in the form of a monthly check when they retirement to help pay for living expenses.
Social Security
America's health insurance system is ____________.
Privatized - meaning you can shop for your own coverage with a private company instead of being covered by the government.
T/F - It is wiser to buy a car that is a year or two old because the appreciation has already made the car cheaper
False - depreciation
The amount of money you owe the government is based on your ______________ income.
Taxable
Two ways you make money in the stock market
Appreciation and Dividends
This is the most common and effective way for Americans to save for retirement.
401(k)
$15-$25 - routing doctor visit
$30-$50 - specialist
$75-$100 - urgent care
$200-$300 - emergency room visit
These are examples of......
Co-Pays
Less than three years old
Low mileage
No history of major damage
Backed with warranty to cover routine maintenance
Certified Pre-owned
Your taxable income in your salary minus your __________ ________________.
Tax deductions
To protect yourself from losing all your money in a single investment you should
Diversify your investments
What are three advantages of investing in a 401(k)
Employer match programs
Tax Incentives
Keep the money even if you change jobs
When you reach your out of pocket maximum, you are still required to pay this fee as long as you have a health insurance plan.
What does a vehicle history report tell you?
Previous ownership, accident history, mileage, current ownership
If Joe makes $60000 per year and he chooses to file his taxes using a standard deduction of 12,400, what is his taxable income.
$47600
These types of investments allow you to invest in stocks you would not be able to afford on your own and they help keep you diversified by putting your money into different stocks.
Mutual Funds
What are the negative factors or cautions of using 401(k) as an investment tool.
There are contribution limits
There are early withdrawal fees
Investment options are more limited
You can make yourself investment poor by investing too much
Jenna breaks her leg in a soccer game and goes to the emergency room for surgery. Her total bill is $9000. Her deductible is $1500, which she covers. After that, she owes 20% of the remaining balance. This is called
Co-insurance
Home Value is $300,000
Amount owed on mortgage is $150,000
What is the value of the equity?
$150,000
These are examples of:
FICA - Medicare
FICA - Social Security
Federal Tax
State Tax
Deductions of withholdings on a paycheck
Communication Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Real Estate, and Utilities are examples of ______________ in the stock market.
This type of 401(k) is typically chose by people who believe they will receive less money during retirement and will be in a lower tax bracket. Their contributions are taxed when they are withdrawn.
Traditional 401(k)
These three fees count toward your out-of-pocket maximum.
Deductibles, co-pays and co-insurance
What are three advantages of owning your own home?
Tax advantages
Freedom to make changes
Investment