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| *Ostroff, Fair and Company>>>Financial Services |
Yes, Just some silly questions.? |
I was reading a book about finance and investing in this book called "the girls guide to everything and finance". Im still trying to get this stuff. what does tax deductable mean? What's so great about Tax deductable? what the diffrence btw IRA and ROTH IRA ? I need something I can remember, any tricks or rule of thumb? what does accure mean? what's Fico and what are the major credit beaures? (they watch your credit right?) +Tax Deductible: Say the individual has children, or went through higher education. As a support system for both, the government lowers the level of taxes on the income. It's great because you can keep more of your earnings. +IRA: Individual Retirement Accounts let users save their money before taxes take away from income. The savings aren't taxed until they are paid out as income much later in the user's life. +Roth IRA: Same as above, but instead of receiving one large check (lump sum) when the account is paid out, the savings are sent to you annually, until the fund runs out. +Accrue: Simply the historical sum of an amount over time. If you're receiving an amount say for the past 7 days (say a daily allowance) your accrued allowance would just be the total amount (assuming you saved everything). +FICO: Your credit score, or how well you handle debt (can you manage your credit card and make sure you pay what's owed on time?). Developed by Fair Issac Company (that's where the FICO letters are from), it gives lenders an idea of how likely you'll miss payments and not be able to pay back on loans (probability of default). +Major Credit Bureaus: Experian, Equifax, and TransUnion. They keep track of your credit, to see how well you manage it. For a fee, they'll make sure only you're the one controlling it and help prevent identity theft. If you ask for a free credit report from one, the request is relayed to the other two in order to cover your profile on a more broad level. lol im 14 and i cant answer all those but im sure tax deduction means that when pay ur tax theyre going to subtract someone the money so u dont pay so much or in simpler words deduction in tax lol |
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