With more and more taxpayers moving to temporary orgig work, experiencing inconsistent or multiple income streams and without an HR department to help determine the appropriate amount of tax they’ll need to pay, frequently estimating the amount of tax due is not only a good practice, but almos...
While the FAFSA’s primary benefit is providing you with grants and federal loans, there are some additional reasons to apply. Some schools, states, and outside organizations offering scholarships or grants may ask for your FAFSA information to help determine if you’re eligible for other types ...
Ways to prepare:Maintaining a sufficient emergency fund is key, notes Scholl. Review several months’ worth of recent expenses with your advisor to determine how much liquidity you should have readily available for an emergency need and where to keep it. If appropriate, your advisor can introduce...
Grace period:Up to two and a half extra months to spend remaining FSA funds, after which any amount remaining will be forfeited. Carryover:Roll over up to $550 of your unspent FSA funds into the next calendar year, under specific circumstances. Any additional funds (in excess of $550) wi...
For example, if an employee is paid $15 per hour and worked 20 hours over a two-week pay period, this would be the calculation to determine their gross pay for the pay period: $15 x 20 = $300 2. Factor in overtime. The next step is to add any overtime the employee worked. If...
When it comes to financing your education, student loans are often a necessary part of the equation. However, not all student loans are created equal. Understanding the type of student loans you have is crucial for managing your finances effectively. If you’re wondering how to determine whether...
Check your eligibility.Before applying, determine whether your credit history and income meet the lender’s qualifications. You can check your credit reports for free weekly atAnnnualCreditReport.com. To qualify for a private student loan on your own, you generally need to have good credit, whic...
and other financial information to determine your eligibility for aid. You’ll also be asked about assets—both your parents’ and yours. That’s right: Any money you’ve saved from summer jobs, birthdays, or other sources will be considered. Colleges typically expect you to ...
You don’t want to contribute excessively to your LPFSA. Like a regular FSA, it's possible you could lose any unused balance at the end of the year. Some plans either allow you to roll over up to a certain amount for the following plan year or allow for a grace period. A grace pe...
With an FSA, you pay money into an account during the year, and you can use this money to cover healthcare costs. But you might have some money left over at the end of the year. Your employer might give you a certain amount of time to spend this money before it expires. This tim...