Taxes
A tax on wages or salary paid to both state and federal governments.
What is income tax?
The charge for the privilege of borrowing money, typically expressed as a percentage rate.
What is interest?
An investment that is a share of ownership in a corporation.
What is a stock?
Expenses that do not change from month to month (like rent, mortgage, or car payment).
What are fixed expenses?
The deadline to file income tax forms each year.
What is April 15?
The term that denotes the amount borrowed or the amount still owed on a loan, OR the original amount invested.
What is the principal?
A for-profit corporation owned by shareholders that takes deposits and makes loans and offers checking accounts.
What is a bank?
Expenses that change from month to month (like food, entertainment, or vacation)
What are variable expenses?
The money you pay out of pocket when you file an insurance claim.
What is a deductible?
A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals. In the U.S., federal income tax rates range from 10% to 35%.
What is a progressive tax?
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)?
An investing technique in which you spread your money around different types of investments.
What is diversification?
This is income after taxes and deductions.
What is net pay?
A tax that takes a larger percentage from low-income people than from high-income people. Though the tax is the same amount for everyone, it hits lower-income individuals harder.
What is a regressive tax?
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?
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 interest?
Income before taxes and other withholdings.
What is gross pay?
This insurance is required by all vehicle owners in the state of Missouri.
What is liability insurance?
The Federal Insurance Contributions Act (FICA) requires that you pay these two "payroll taxes."
What are Social Security and Medicare taxes?
This type of loan has no interest if paid back each month. If you don't pay it back at the end of the month, you pay compound interest compounded monthly.
What is a credit card?
This is maintained, either electronically or by hand, to account for deposits, withdrawals and other line items in your account.
What is an account register (or check register)?
This government agency guarantees your deposits in a bank up to $250,000.
What is the FDIC (Federal Deposit Insurance Corporation)?