What is the difference between a secured and non-secured loan?
A secured loan requires collateral, non-secured doesn't.
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What is an asset?
Something that can produce economic value or benefit.
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What is income?
Money, received on a regular basis.
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15
In 2020 Bob worked two jobs: at ABC Co. & at XYZ Co. He got two W-2s. If his tax liability for 2020 is $500 and he has $200 dollars withheld from his wages at ABC, and $400 withheld at XYZ ,what is his final Tax bill?
He overpaid, and is entitled to a refund of $100.
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15
At 2020, Mary worked at a bank. Her tax liability is $1500. Her employer withheld from her paycheck $1000 of Federal tax liability. What her final tax bill?
She still owes to the Federal government $500.
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15
What is a tax liability?
Amount of tax, an American tax payer pays to the American government.
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Give example of liability.
mortgage, loan, account payable
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What does EIC stand for?
Earned Income Credit
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Give an example of assets.
cash, equipment, furniture, tools, buildings
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What constitutes default on a loan?
Default happens when you are unable to pay the loan back.
