operating costs - ✔✔ A tax is defined as a contribution that supports the _____ of a government.
progressive - ✔✔ A _____ tax requires a
... [Show More] taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples)
regressive - ✔✔ A _____ tax charges the same percentage of the cost of a good or service, no matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples)
fees or surcharges - ✔✔ Sometimes taxes are called _____.
fee - ✔✔ A _____ could include the cost of a driver's license or a hunting license.
surcharge - ✔✔ A _____ could be a gasoline tax, tobacco tax, or liquor tax.
tax obligations - ✔✔ Taking care of _____ is as important for a member's financial well-being as it is to pay their bills on time.
correspondence - ✔✔ Any _____ from the IRS should be reviewed and dealt with as soon as possible.
taxpayer advocate service. - ✔✔ If you have not been able to resolve a problem with the IRS, seek assistance from the _____.
tax professional - ✔✔ Complex tax situations might require members to hire a _____.
70 - ✔✔ _____% of taxpayers may be eligible for free tax filing assistance.
filing status - ✔✔ If members get a large refund, they might want to change their _____ if the money is needed in their monthly budget.
costly - ✔✔ Caution members that using refund anticipation loans can be a _____ way to get instant access to their refund.
pay down debt - ✔✔ The first choice for using a tax refund is to _____.
self-employment quarterly taxes - ✔✔ Other tax authorities that members must pay attention to are state income tax, property tax, and _____.
taxable income - ✔✔ Examples of _____ are wages, salaries and tips, interest income, alimony, business income, capital gains, pensions and annuities, other forms of income, and distributions from a traditional IRA.
non-taxable income - ✔✔ Examples of ____ are child support payments, life insurance benefits paid to a beneficiary, gifts and inheritances from parents, social security benefits, benefits from welfare, and qualified distributions from roth IRAs.
filing status - ✔✔ _____ can make a difference in the taxes paid.
filing status - ✔✔ Examples of _____ are single, married filing jointly, married filing separately, head of household, and qualified widow or widower with dependent children.
401(k) plan - ✔✔ Saving for retirement can also save taxes by making contributions to a _____.
traditional IRA - ✔✔ If a person is in a 25% income bracket, they could save 25% of the money they deposit into a _____.
insurance - ✔✔ Financial counseling clients can manage some of the risks in life by having the right types and amounts of _____.
insurable interest - ✔✔ An _____ in a car you financed at the credit union could be held by both you and the credit union.
risks - ✔✔ You can make a better choice about insurance coverage if you evaluate your _____.
umbrella liability policy - ✔✔ An _____ can give you protection if someone sues you for an accident on your property.
deductibles and policy limits - ✔✔ _____ can help manage the costs of insurance.
cobra - ✔✔ _____ provides the right for an employee that is terminated or resigns to keep their medical insurance for 18 months if they pay the cost (full amount of the premium).
part A - ✔✔ Medicare _____ is free.
part B - ✔✔ Medicare _____ is paid for by the insured.
auto coverage - ✔✔ Liability, personal injury or medical coverage, uninsured or under-insured coverage, comprehensive, collision, and towing and roadside assistance, and car rental coverage are the seven types of _____ available to consumers.
compounding - ✔✔ The rule of 72, or _____, shows how long it will take for a person's investment to double. (72 / current interest rate = number of year required to double original investment)
liquidity - ✔✔ _____ is the ability to convert an investment into cash.
share accounts - ✔✔ _____ are more liquid than diamonds and gold.
return - ✔✔ _____ is the gain in value a person's investment earns.
highest - ✔✔ _____ priority should be a savings account, a home, a retirement account, or a college fund.
risk - ✔✔ Undeveloped land, gold and diamonds, or speculative stocks pose the highest level of _____ for investors.
reliable - ✔✔ Indicators that a financial advisor is _____ are completion of training and licenses with companies, exchanges, and regulators with which they work.
housing - ✔✔ Sometimes a member's choices regarding _____ can cause a member's finances to get out of control.
length of time - ✔✔ One consideration when choosing between buying or renting a home is the _____ you will live there.
forced savings - ✔✔ A monthly payment on a home can be considered _____.
tax benefits - ✔✔ There are _____ to purchasing a home, like deductions for discount points and orientation fees, mortgage interest, home improvement loan interest, energy efficient upgrades and property tax deductions.
full time or part time roommate - ✔✔ Sharing housing expenses may be accomplished by getting a _____.
insurance, utilities, and upkeep - ✔✔ The cost of owning a home includes _____.
public transportation and bicycling - ✔✔ Sometime owning a vehicle is not the best choice for transportation. Alternatives can be _____.
mileage - ✔✔ When you take a trip, choose the vehicle that gets the best _____ for the trip.
safety features and deductibles - ✔✔ You can manage the costs of insurance by looking at the type of car you purchase, theft rate, _____.
way - ✔✔ Choose the right vehicle for the ___ you will use it.
before - ✔✔ Secure your financing for a vehicle _____ you shop and consider how much you are able to spend on the purchase.
stop borrowing money - ✔✔ One way to do more with less is to _____.
cash and credit cards - ✔✔ If you leave your _____ at home you will not be able to make impulse purchases.
land lines - ✔✔ _____ may not be worth the costs considering the limited advantages.
pay as you go - ✔✔ Choices regarding your telecommunications can be _____ or contract based.
source of income - ✔✔ A challenge of self-employment includes painting a reliable, steady _____. [Show Less]