The involuntary fee levied on individuals' income by the federal government. All wages are subject to Federal Income Tax, however ministers do not have to pay Federal Income Tax on properly authorized and validated housing allowance.
- A category of crimes that are often classified as the most serious types of offenses.
- Commonly known as “social security tax” ½ is paid by the employer and ½ is deducted from the employee’s pay.
- Somebody who studies a person’s earnings, savings and spending and gives advice on how to manage or invest their money.
- All firms that sell financial products. This includes banks, insurance companies, credit unions, and equity/stock brokerage firms.
- An organization’s statement that includes the annual accounts, budget reports and balance sheet.
- Financial statements for businesses usually include income statements, balance sheets, statements of retained earnings and cash flows. It is standard practice for businesses to present financial statements that adhere to generally accepted accounting principles (GAAP) to maintain continuity of information and presentation across international borders.
- The 12 months covered by a set of annual financial statements.
- An asset that a organization intends to use for several years, such as buildings and equipment.
- A cost that does not change with an increase or decrease in the amount of goods or services produced by a company or the activity of an organization. Fixed costs are expenses that have to be paid by an organization, independent of any activity or change in income.
- An interest rate that stays the same for a fixed time, no matter how other interest rates may go up or down.
- A type of mortgage for which a person pays a set amount of interest, so no matter how interest rates go up or down, the same monthly repayment is made.
- Foreclosure Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.
- An accounting system emphasizing accountability rather than profitability, used by non-profit organizations. In this system, a fund is a self-balancing set of accounts, segregated for specific purposes.