Investments 101
This type of asset decreases in value with time and is not considered a long-term investment.
What is a depreciating asset?
This form is provided by your employer and shows how much money they’ve withheld for taxes throughout the year.
What is a W-2 form?
This type of account is used for day-to-day transactions like paying bills, shopping, and withdrawing cash.
What is a checking account?
The government collects these types of taxes from individuals and corporations to support public programs like schools, roads, bridges, and healthcare.
What are income taxes?
_________vs.________ is a term used to describe weighing the gains/losses one may encounter when investing.
What is risk versus reward?
This filing status is for individuals who are unmarried, not head of household, and do not qualify for any other status
What is "single"?
These fees are commonly charged when you withdraw more money than you have in your checking account.
What is an overdraft fee?
If you are filing taxes in 2025, you are using this year's income.
What is 2024?
This type of investment involves purchasing property to generate rental income or capital gains from selling the property at a higher price.
What is real estate investment?
When the IRS reviews your tax return to ensure accuracy and compliance it is known as this.
What is a tax audit?
The bank sends you this document, usually monthly, that shows all transactions in your account including deposits, withdrawals, and fees.
What is a statement?
On August 1, 2009 the Massachusetts sales tax was raised from 5% to this.
What is 6.25%?
These retirement accounts allow you to invest money tax-deferred for the future, with contributions coming from your salary and sometimes matched by your employer.
What is a 401(k) or 403(b)?
This form is filled out when you first start a job and tells your employer how much federal tax to withhold from your paycheck.
What is a W-4 form?
This type of retirement account allows you to contribute money independently of your employer, and it comes in two main types: Traditional and Roth.
What is an IRA (Individual Retirement Account)?
This payroll tax is part of a government program that provides financial assistance to people in retirement, people with disabilities, and the families of deceased workers.
What is social security?
These are types of investments where money is pooled from different investors to purchase a diversified portfolio of stocks, bonds, or other securities, and is typically managed by professionals.
What are mutual funds?
Unlike an itemized deduction, this type uses a specific dollar amount to reduce your amount of taxable income.
What is a standard deduction?
This small, unique number at the bottom of a check identifies the bank where the account is held.
What is a routing number?
Many employers offer this benefit as a payroll deduction, which allows employees to set aside pre-tax income for medical expenses.
What is a Health Savings Account (HSA)?