Taxes
Credit
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Personal Budget
Potpourri
100

A tax on wages or salary (amount earned) paid to both state (in NY) and federal governments.

What is income tax?

100
The charge for the privilege of borrowing money, typically expressed as a percentage rate.
What is interest?
100

This is what a bank pay you for letting them use your money.

What is interest?

100
A personal budget should account for these two line items.
What is income (revenue) and expenditure (expenses)?
100
A United States federal tax form issued by employers stating how much an employee was paid in a year. It is submitted to the IRS along with your tax return.
What is a W-2?
200

This is the tax charged by moth states on the selling price of a good or service, usually expressed as a percentage. 

What is sales tax?

200

This allows you to bank from anywhere.

What is online banking?
200

Interest=Principal X Rate X Time.

What is the simple interest formula?

200
This is the income received prior to taxes and deductions.
What is gross pay?
200

Currently, it amounts to $7.25/hr, though efforts are being made to raise it to approximately $15/hr.

What is the (federal) minimum wage?

300

The percent of income, sales, or property value collected in taxes.  

What is the tax rate?

300
A record (accompanied by a rating) of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.
What is credit history (or credit report)?
300

The original amount invested.

What is principal?

300
This is income after taxes and deductions.
What is net pay?
300
This tax withholding form is completed at the time of employment so that your employer can withhold the correct federal income tax from your pay. Tax deductions or allowances are made for children and other dependents.
What is a W-4?
400

These taxes in America are collected by local governments and are usually based on the value of a property.

What are property taxes?

400
Something pledged as security for repayment of a loan (e.g. a house or car), to be forfeited in the event of a default.
What is collateral?
400
Interest calculated on the initial amount deposited or loaned and also on the accumulated interest of previous periods of a deposit or loan. It can be thought of as “interest on interest,” and will make a deposit or loan grow at a faster rate than simple interest.
What is compound(ed) interest?
400
These types of expenses remain unchanged from period to period. Examples include mortgage or rent, insurance, and, often, utilities.
What are fixed expenses?
400
This is maintained, either electronically or by hand, to account for deposits, withdrawals and other line items.
What is a bank register (or statement)?
500
The Federal Income Contributions Act (FICA) requires that you pay these two "payroll taxes" (for retirement and healthcare)
What are Social Security and Medicare taxes?
500
In general, the longer the term of the loan, the higher this is.
What is the interest rate?
500
This "rule" is a simple, and relatively accurate way, to calculate (divide by rate) the amount of time it will take to double the value of an investment at a specified rate of return.
What is the "Rule of 72"?
500
These types of expenses fluctuate or change from period to period. Examples include personal entertainment or travel costs, and other discretionary items.
What are variable expenses?
500
This insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
What is FDIC (Federal Deposit Insurance Corporation) insurance?
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