Where did my $ go?
National defense, debt, and entitlement programs are paid through these
Federal income taxes
You fill out this form when you become an employee - it ensures that you will have the right amount withheld from your paycheck for taxes.
What is the W-4?
Most businesses are this - which means owners are taxed on their personal tax returns and not subject to corporate taxes
What is a pass-through entity?
The smallest percentage you are allowed to put down as a first-time home buyer.
What is 3.5%
Loan terms are typically one of these TWO lengths
What is 15 or 30 years?
FICA payments pay for these 2 things
What is social security and medicare?
This is the form you get from your job at the end of the year - it tells you how much you earned and how much you paid in taxes.
What is the W2?
This tax for businesses literally means "extra" tax, and is required for certain types of commerce - tobacco, liquor, heavy equipment, etc.
What is excise tax?
The first step in the home buying process.
What is getting pre-approval for a loan?
This is the current prime interest rate - meaning, an interest rate you would get as a home buyer if you had really good credit
What is 7%?
Education, state parks, and health and human services are paid for with this
What is state income tax?
This is the form you use to fill out your federal taxes.
What is the 1040?
Employers match these taxes that employees also pay
What are FICA taxes?
The percentage down you would need for a conventional home loan - one that does not require extra payment for private mortgage insurance.
What is 20%?
What are closing costs?
The age at which you will be able to draw social security benefits and receive medicare
What is 65?
This group of forms is used to reduce your taxable income by giving you credit for your mortgage or student loan interest payments.
What is a 1098?
The percentage rate corporations must pay on their taxable income
What is 21%?
The step in the home-buying process that comes immediately after you find a home you want to purchase.
What is make an offer?
This is the original loan amount you borrow.
What is the principal?
What is the standard deducation?
What is a 1099?
This is an extra tax on businesses that make more than $1 million in taxable revenue
What is corporate activity tax?
After your offer is accepted, you need to get one of these.
What is an inspection?
This is the fee that the bank charges you to borrow $$. You will often pay double your house price by the time the loan term is over.
What is interest?