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Economics (Recession and Responses to Recession (Rating Agencies: A…
Economics
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Practical Personal Financial Info (Taxation, Credit, Debt.)
Net Pay: Gross wages or gross salaries minus withholdings for payroll taxes and other items such as insurance, union dues, United Way, etc.
CO state Taxes: Colorado's sales tax is the lowest in the country out of states with a sales tax, but county and city taxes mean Coloradoans can end up paying much more.
Federal Tax: A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.
FICA Taxes: The money that is taken out of workers' paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance) benefits.
Deductions (Mandatory vs Voluntary): An amount that is or may be deducted from something, especially from taxable income or tax to be paid.
Payday Loans: A relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck.
Fixed Rate Mortgage: A fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float".
Sub-Prime Adjustable Rate Mortgage: A subprime mortgage is generally a loan that is meant to be offered to prospective borrowers with impaired credit records.
Consumer Financial Protection Bureau: A regulatory agency charged with overseeing financial products and services that are offered to consumers.
Gross Pay: the term used to describe all of the money you've made while working at your job, figured before any deductions are taken for state and federal taxes, Social Security and health insurance.
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