This is a typical deductible amount one might pay to his car insurance company if he were to cause a car accident.
What is $500 - $1000?
100
The form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year. This form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.
What is a W2 form?
100
This is what your income is called before taxes are taken out.
What is gross income?
100
The initial amount of money either invested into an investment account or borrowed for a loan.
What is principal?
100
This is the standard age for retirement. Also, most retirement accounts will charge a penalty to withdraw money prior to this age.
What is 65?
200
This is the typical deductible amount one might have to pay when making an insurance claim on one's house. For instance, one would receive a check from their insurance company (after a claim is made) to replace the roof after a really bad hail storm - minus the deductible amount.
What is $700 - $2000?
200
Only residents of Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming are exempt from this tax.
What is state income tax?
200
This is what your income is called after taxes are taken out.
What is net income or "after-tax" income?
200
This type of compound interest is calculated 12 times a year.
What is interest that is compounded monthly.
200
Property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
What are assets?
300
This is the percentage of your after tax income that will be garnished from your wages as per a Texas court if you are sued for child support.
What is 20 percent?
300
Also known as the acronym IRS, a United States government agency that is responsible for the collection and enforcement of taxes. The IRS was established in 1862 by President Lincoln and operates under the authority of the United States Department of the Treasury.
What is the Internal Revenue Service?
300
This type of pay is often touted as "time and a half". Once an hourly wage worker has surpassed 40 hours in one week, he receives 1.5 times his hourly wage for each hour over 40 hours he works that week. For instance, $10 an hour up to 40 hours, and then $15 an hour for every hour over 40 that week.
What is overtime pay?
300
When you spend more money (using a check or debit card) than what you have available in your bank account.
What is an overdraft?
300
A defined contribution plan set up through a person's employer/company where an employee can make contributions from her paycheck either before or after-tax, depending on the options offered in the plan. In many cases, the employer may opt to match all or part of the employee's contribution. The employee may withdraw this account at retirement.
What is a 401k?
400
This is what it will cost you to legally change your name in the state of Texas for any other reason than getting married traditionally.
What is $230 - $275?
400
A federal insurance program that provides monetary benefits to retired people and those who are unemployed or disabled. This federal program was developed in 1935.
What is Social Security?
400
A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for negligence.
What is worker's comp or worker's compensation?
400
This is the first type of bank account most people start with. It will provide you with the ability to write checks and use a debit card. In some cases you may be able to earn a low rate of interest and link to your savings account.
What is a checking account?
400
An investment program funded by shareholders that trades in diversified holdings and is professionally managed. There is no age requirement for withdrawal.
What is a mutual fund?
500
After you add up fines, court fees and annual surcharges to get your driver's license back, this is what you will pay for a DWI offense. Driving While Intoxicated: this means you are 21+ and you have a 0.08+ blood alcohol level. P.S. - you can be charged while on prescription drugs or illegal ones, too!
What is $9000 - $24,000?
500
The federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).
What is Medicare?
500
A source of income for workers who have lost their jobs through no fault of their own. Workers who quit or are fired are generally not eligible.
What is unemployment insurance?
500
Also known as a CD, this is a short term investment that earns a low interest rate.
What is a Certificate of Deposit?
500
An individual retirement account allowing a person to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59½ are tax-free. This account is managed professionally through a brokerage firm, not through one's employer.