Tag: Simplified
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What are rental payments?
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Definition: Rent payments are the monthly fees paid for the right to use an asset according to the terms of the contract between the lessor who owns it and the lessee who will use it. Rent payments usually continue for a set period before the lessee returns the asset or…
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Proper Business Letter Format
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By: Daryl Zahorsky The correct business letter format used in business communication conveys professionalism and can have a positive impact on the first impression when communicating with a new business contact. Using word processing software, it is very easy to create a letter in the correct format. Four Formats Business…
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Limits on Retirement Account Contributions
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The IRS wants to encourage you to save for retirement, but there are limits to it. Regardless of the type of retirement account you choose, the fastest way to increase your savings is to contribute as much as possible each year. 401(k) Contribution Limits The 401(k) account is probably the…
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What is the W-2 form?
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The W-2 form is a document issued by the Internal Revenue Service (IRS) that reports the taxable income you earned from your employer. The form also includes the taxes withheld from your paycheck, along with Social Security and Medicare contributions made on your behalf by you and your employer. How…
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Who should pay the alternative minimum tax?
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High-income individuals typically pay the Alternative Minimum Tax (AMT). This tax kicks in when taxpayers have an income greater than the annually adjustable exemption amount designed to keep pace with inflation. You must calculate your tax twice if your income exceeds the AMT exemption. First, calculate the regular income tax…
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The 80/20 Rule for Budgeting
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The 80/20 Budget Rule for Those Who Don’t Like Tracking Expenses What is the 80/20 Rule? The 80/20 Rule is a simple budgeting approach. It relies on your after-tax income and health insurance expenses, as well as any other expenses deducted from your salary. You put 20% of your after-tax…
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Questions and Answers About 401(k) – Get to Know Your 401(k)
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If you’re new to the 401(k), you may have some questions about how this retirement plan works. Fortunately, you can find answers, even though some details may vary from company to company or from plan to plan. Be sure to check with your plan administrator to learn the specifics of…
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How many mutual funds do you need to diversify your investments?
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You may have heard of the wisdom of diversification when investing. But how many mutual funds do you need to achieve that? The answer starts with three words: it depends. Your Investment Objective Your investment objective is your goal for how your portfolio serves your financial needs. This goal may…
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الحساب التحكمي هو أحد فروع الرياضيات التطبيقية الذي يتعامل مع تحليل التكاليف والعوائد في العمليات والقرارات. يهدف إلى استخدام نماذج رياضية ونظريات قرارات لدعم اتخاذ القرارات الاستراتيجية والتكتيكية. يمكن استخدامه في مجالات مثل إدارة الأعمال والاقتصاد والهندسة. يتم عادة استخدامه لتحسين الأداء وتحديد الخيارات الأفضل بناءً على المعطيات المتاحة.
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Definition and Examples of Control Accounts A control account is a summary account in the general ledger. It shows the balance of detailed transactions in the corresponding subsidiary account. Control accounts are summarized accounts that make up the general ledger and provide information for financial reporting. The balances of control…
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What is a financial affidavit in the case of divorce?
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The financial affidavit is a legally certified and documented statement of your assets, income, expenses, and debts that you must share with your spouse and the court to finalize a divorce. How does the financial affidavit work in a divorce case? In divorce, separation, and family law proceedings, you may…
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Beginners’ Guide to the Different Types of 401(k) Plans
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401(k) plans are offered by employers to help you save money for retirement. They are often part of a larger benefits package. How does a standard 401(k) plan work? These plans are designed to help you build wealth over time. You will set a financial limit or percentage of your…
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Here is where a tax may be imposed on your student loan forgiveness.
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Introduction If you’re set to benefit from President Joe Biden’s student loan forgiveness program, you may face a financial hit come tax time, depending on the state you live in. States That Tax Loan Forgiveness This is because some states treat the amount of forgiven loans as income, meaning you’ll…