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H&R Block Voc 23-44

QuestionAnswer
Individual Retirement Account: An investment tool for individuals to save for retirement. There are two different types for individuals: Traditional and Roth.
Interest: Additional fee paid on a monthly basis to the lender.
Lender: Person or institution that provides you with the loan (e.g., bank, family member, etc.).
Loan: Amount of money you borrow, which must be paid back to the lender within a given period of time.
Life Insurance: A type of insurance that protects against the loss of income as a result of an individual’s death.
Medicare Tax: Money collected by the federal government to provide health insurance benefits in retirement, and to certain individuals with disabilities or serious illnesses.
Mortgage: Loan used to purchase a home, condo, or piece of property. It includes principal and interest payments.
Mutual Funds: An investment vehicle that pools investor money to purchase securities like bonds and stocks.
Net Income: Total pay after deductions, commonly referred to as take-home pay.
Paycheck: A check given to an employee for earned income.
Paystub: A statement that accompanies a paycheck highlighting earned income and deductions.
Pay Period: The range of dates an employee works.
Principal: Amount of money you pay on a monthly basis toward paying off your loan.
Private Mortgage Insurance (PMI): A type of insurance used to protect lenders if a borrower puts less than 20% down on a home purchase.
Savings: A traditional savings account where money is deposited directly from gross pay.
Savings Account: A secure bank account that provides modest interest rates.
Social Security Tax: Money collected by the federal government to provide financial benefits needed in retirement and for the disabled.
State Income Tax: Money collected by some state governments to be used for state public services, such as education and state road maintenance.
Variable Interest Rate Loan: Interest payment that varies based on market interest rates.
W-2: A year-end earnings statement prepared by employers showing total earnings and deductions withheld from an employee’s salary for one year. Employers provide this statement to employees who then use it to complete their tax returns.
W-4: A withholding tax form completed by a new employee that tells the employer the amount of taxes to withhold from an individual’s paycheck. An employee provides this statement to an employer. It is not used to prepare a tax return.
401(k): A type of retirement savings account where money is deposited directly by an employer and is not federally taxed until withdrawn in retirement.
Created by: mrsddeal