Unless an "Accountable Plan" for employee reimbursements is in place, expense reimbursements are likely supplemental wages subject to supplemental tax withholding rates. If your total annual supplemental wages are greater than $1 million, your employer must withhold tax on the amount over $1 mi...
Although a majority of the states calculate your income tax similarly to the IRS, slight differences may exist in your federal and state tax forms. The starting point on most state income tax forms is your federal adjusted gross income, which you calculate using a version ofIRS Form 1040, be...
Your debt-to-income (DTI) ratio is a key factor in getting approved for a mortgage. Most lenders see DTI ratios of 36% as ideal. Approval with a ratio above 50% is tough. The lower the DTI the better, not just for loan approval but for a better interest rate. ...
You also have to pay the VA funding fee on a refinance. If you get a VA cash-out refinance, the funding fee is 2.15% for first-time borrowers and 3.3% for repeat borrowers. For a VA Interest Rate Reduction Refinance Loan, known as an IRRRL or Streamline refinance, the funding fee is...
While a fixed-rate mortgage’s monthly payment amount is consistent, the portion of your payment that goes toward your principal versus your interest charges based on the loan’s amortization schedule. At first, most of your payment goes toward interest, and later in your loan term, more and...
Seller concessions are closing costs that the seller pays on behalf of the buyer to sweeten the deal. Here’s what you need to know to make them work for you.
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Home sales are subject tofederal and state taxesbut if you are married and filing jointly, you can sell your primary residence the first $500,000 of equity is exempt from the capital gains tax. If you divorce and file as a single, only the first $250,000 of home equity is exempt. Co...
A home mortgage will have either afixedorfloatinginterest rate, which is paid monthly along with a contribution to theprincipalloan amount. In afixed-ratemortgage, the interest rate and the periodic payment are generally the same each period. In anadjustable-ratehome mortgage, the interest rate ...
Financial security:Life insurance provides peace of mind that your loved ones will be taken care of, even in your absence. Tax advantages:Death benefits are often tax-free, while cash value growth is tax-deferred, making it a potentially valuable estate planning tool. ...