Archive for March, 2007
Household Finance Mortgage
March 27th, 2007
Question: For the financially responsible?
What is a reasonable amount of time to pay off a $3500 credit card debt?
It is the only credit card debt we have. We have two car payments, mortgage and one loan payment plus our household finances and an 18 month old daughter to provide for. We have a monthly disposable income of anywhere from $500-$1200. Taking into account the holidays coming, we buy all gifts with cash, how much time should we give ourselves to pay off this credit card?
rate is 9%
PS we've budgeted $300 for gifts and the disposable income is AFTER we save and pay bills. It is truly disposable.
Answer: You have to think about where your disposable income could be spent best. If you bite the bullet and cut back on a few of the extras like eating out, Starbucks, and entertainment you should be able to knock that credit card debt out within 3 months.
The next step is to make sure you don't get yourself back in the same situation. Remember, credit cards are great for emergencies and unexpected large one time expenses that can't be avoided, but should never be used to live outside of your means.
casa GURU TV - Homeowner options for Household Finance
Posted in Mortgages | 
Tags: calculator, finance, household finance mortgage, household finance mortgage company, money, mortgage, realestate | 
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Income Tax for Children
March 25th, 2007
There is income tax for children. Children with income may need to file income tax. Calculating income tax for children is different from calculating income tax for adults and parents. When filing income tax for children, child tax rates apply for income under a certain amount specified by the IRS. Above that threshold, income tax for children is charged at their parents' tax level. The same income tax rule for children apply when the children are 14 or under.
IRS tax publication 929 outlines tax rules for dependents including income tax for children.
