Key Takeaway: Social Security tips are additional earnings received by employees who work in jobs where tipping is customary, such as in the food and hospitality industries. Social Security tips can either be taxable or non-taxable, depending on the amount of tips received and other factors. It is important for both employers and employees to…
Key Takeaway: To be eligible for spouse social security benefits, you must be married to an eligible worker for at least one year and be at least 62 years old or caring for a child under the age of 16. Applying for spouse social security benefits involves filling out an application form and providing proof…
Key Takeaways: Investment refers to the act of allocating resources with the expectation of generating a financial return. Examples of investments include stocks and bonds, real estate investment trusts (REITs), mutual funds, and cryptocurrency. Investment returns are generally proportional to the level of risk involved, with higher risk investments offering the potential for higher returns….
Key Takeaway: Federal and state income taxes, Medicare premiums, and Supplemental Security Income repayment are withheld from social security checks. This means that the actual amount received by the receiver is less than the stated amount. The amount of withholding depends on various factors such as marital status, number of dependents, and total income. These…
Key Takeaway: Fig Investment Banking offers a range of services, including advisory, capital raising, mergers and acquisitions, and debt financing, to support businesses in different industries, such as technology, healthcare, energy, and consumer and retail. By understanding the unique needs of each client, Fig Investment Banking can provide tailored solutions that align with their objectives…
Key Takeaway: Social Security provides retirement, disability, and survivor benefits to eligible individuals who have contributed to the program through payroll taxes. Medicaid and Medicare are government healthcare programs that provide medical coverage to eligible individuals. Medicaid is primarily for low-income individuals and families, providing coverage for medical expenses such as doctor visits, hospital stays,…
Key Takeaway: Social security originated as a private initiative to address welfare concerns, but shifted to a public system. The government played a major role in implementing social security, including the creation of laws and programs to support it. The benefits and drawbacks of public social security have been debated, with some arguing it provides…
Key Takeaway: IRR is a financial metric that measures the profitability of an investment by examining the expected rate of return. This means that IRR helps investors to understand the probable return on investment, helping them to make more informed investment decisions. Calculating IRR involves the use of complex financial formulas, such as the Net…
Key Takeaway: Deferred social security taxes refer to the portion of payroll taxes that were temporarily suspended in 2020, but must be paid back in 2021 and 2022. To pay deferred social security taxes, it is important to understand the deadline for payment and available payment options, such as paying the entire amount upfront or…
Key Takeaway: Dual Entitlement allows a person to receive benefits from both their own Social Security record and their spouse’s record, increasing the overall benefit amount they receive. To qualify for Dual Entitlement, a person must meet certain requirements, including having a high enough primary insurance amount and being eligible for spousal benefits. The application…
Key Takeaway: Index funds charge the lowest fees: Index funds are designed to track a specific market index, such as the S&P 500. They are passively managed, meaning they require less human intervention and are less expensive to operate. This results in lower fees for investors compared to actively managed mutual funds or ETFs. Expense…
Key Takeaway: Government employees, teachers, police officers, firefighters, military personnel, healthcare professionals, union workers, and corporate executives are among the jobs that commonly offer pension plans. There are different types of pension plans, including defined benefit plans, defined contribution plans, and hybrid plans. It’s important to understand the differences and choose the plan that best…