Key Takeaway: A Social Security Trace is a tool used to verify an individual’s identity and employment history by cross-referencing their name and Social Security Number with government and commercial databases. A Social Security Trace is important for ensuring accuracy of employment records, which helps employers make informed hiring decisions, and preventing identity theft and…
Key Takeaway: Understanding pension allowances is important for maximizing retirement income: Pension allowances are the number of tax exemptions a person can claim on their pension contributions. It is crucial to claim the correct number of allowances to avoid overpaying taxes and maximize retirement income. Several factors should be considered when determining the number of…
Key Takeaway: Social Security disability beneficiaries are eligible for Medicare coverage. There is a waiting period before Medicare coverage begins, which is generally 24 months after the onset of disability. Medicare coverage includes options such as Part A: Hospital Insurance, Part B: Medical Insurance, Part C: Medicare Advantage Plans, and Part D: Prescription Drug Coverage….
Key Takeaway: Starting an investment firm involves significant initial costs, including legal fees, registrations, and professional consulting fees. These expenses can vary depending on the type of firm and its location. Ongoing operating expenses can be significant, including rent, utilities, employee salaries, and marketing costs. These expenses can be mitigated by outsourcing certain tasks and…
Key Takeaway: A 403b pension plan is a retirement savings plan designed for employees of non-profit organizations and public schools to save for retirement. It allows employees to contribute pre-tax dollars to an account that grows tax-deferred until withdrawn during retirement. Eligibility and enrollment in a 403b plan is typically determined by the employer. Some…
Key Takeaways: Factors to consider before selling bonds at a discount from par include interest rates, credit risk, time to maturity, and yield to maturity. Selling bonds at a discount from par can offer a higher yield than the current market rate and the potential for capital gains. However, there are also risks to consider,…
Key Takeaway: Starting a palm oil investment in Nigeria involves understanding the industry and taking steps to set up a plantation, source capital, hire experienced workers, and establish processing and refining facilities. Navigating the legal and regulatory environment in Nigeria requires registering the business with the appropriate authorities, obtaining necessary certifications for palm oil production,…
Key Takeaway: GoFundMe requires your Social Security Number to verify your identity and prevent fraud. This is a legal requirement for fundraising platforms to ensure that funds are not being misused and to comply with tax regulations. By submitting your Social Security Number securely and accurately on GoFundMe, you can help protect yourself and other…
Key Takeaway: Understanding Social Security benefits involves knowing what Social Security is and if you are eligible for benefits. Calculating your Social Security benefits involves determining your Average Indexed Monthly Earnings (AIME), Primary Insurance Amount (PIA), and any reductions or increases to your benefits. To determine your Social Security benefit amount, review your earnings history,…
Key Takeaway: Investment bankers are required to pass various series exams in order to become licensed to sell securities and provide financial advice. These exams include the Securities Industry Essentials (SIE) exam, the Series 7 exam, the Series 63 exam, and the Series 79 exam. The SIE exam is a prerequisite for all other series…
Key Takeaways: Investment advisory fees can be deducted on taxes if they meet certain requirements, including being paid for advice related to investments that produce taxable income and being included on Schedule A as an itemized deduction. To deduct the fees, taxpayers must meet the AGI threshold, which requires that their total itemized deductions exceed…
Key Takeaway: Self-employed individuals are responsible for paying Social Security taxes, which can be done through self-employment tax or estimated tax payments. It is important to be aware of deadlines for payment as well as the penalties for late payment or failure to pay. Resources for assistance include the IRS website and forms as well…