Key Takeaway: Social Security taxes are higher than wages due to the way they are calculated, based on a fixed percentage of income up to a certain limit. This means that higher earners will pay more into the system than those earning less. One reason for the higher Social Security taxes is that they fund…
Key Takeaway: Social Security Numbers are important identifiers: Social Security Numbers (SSNs) are unique identifiers used by the government to track earnings and contributions to Social Security. They are also used for various other purposes such as tax administration, credit reporting, and employment background checks. The letter after your SSN has significance: The letter after…
Key Takeaway: Final Salary Pension Scheme is a retirement benefit plan where an employee’s retirement income is calculated based on their final salary at retirement. It is also known as defined benefit pension scheme. Advantages of Final Salary Pension Scheme include guaranteed income, inflation protection and security for the employee’s spouse and dependents. Disadvantages of…
Key Takeaway: A Pension Analyst’s main responsibility is analyzing pension plans and providing recommendations to clients and stakeholders. This includes conducting research, gathering data, and ensuring compliance with regulations and laws. Pension Analysts require strong analytical and communication skills, as well as attention to detail and knowledge of regulations and laws. They must also stay…
Key Takeaway: Investment banking fees are charges levied by investment banks for providing various financial services to clients, such as raising capital or advising on mergers and acquisitions. Factors such as the size of the company, complexity of the transaction, and market conditions influence the investment banking fees charged by banks. There are three main…
Key Takeaway: A CMA Investment Account is a savings account that also offers investment options. It is designed to provide flexibility to investors by allowing them to access their money at any time while also earning interest and investing in various assets. One of the key benefits of a CMA Investment Account is the tax…
Key Takeaway: Financial hardship should be clearly stated in a hardship letter to Social Security. This means explaining the circumstances that led to the hardship, such as job loss or medical expenses, and how it has affected the person’s ability to support themselves financially. Supporting documentation is essential in a hardship letter to Social Security….
Key Takeaway: Your social security number (SSN) is an essential part of your identity and is used for identity verification, accessing government services, tax and social benefits, credit applications, and employment verification. Exposing your SSN to the wrong person can lead to identity theft, credit fraud, and financial loss. It is important to take measures…
Key Takeaway: The Ryan Plan for Social Security proposes significant changes to the program, including increasing the retirement age, means-testing benefits, and privatizing Social Security. While some argue that these changes would help stabilize the program and increase its solvency, others criticize the potential negative impact on low-income Social Security recipients, uncertainty of market-based investments,…
Key Takeaway: Spectrum asks for Social Security Numbers to verify customers’ identities for credit checks, payments, and other purposes. Additionally, it allows them to offer customized services and to comply with government regulations. The request for Social Security Numbers by Spectrum is legal and in compliance with the Fair Credit Reporting Act. The company uses…
Key Takeaway: Working beyond your full retirement age can increase your social security benefits: for each year you delay receiving benefits after your full retirement age, your benefits will increase by 8%. The Social Security Earnings Test limits the amount of money you can earn while receiving benefits: if you earn more than the limit,…
Key takeaway: Investment firms typically send out 1099s to clients by the third week of February, allowing ample time for tax preparation and filing before the April deadline. Exceptions to the standard timeline may occur if an investment company experiences delays in receiving necessary information, such as corrected cost basis data. It is important to…