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- Finance Home
Finance Questions & Answers website was originally part of a collective network of financial resource websites including IRA rules, Individual Retirement Accounts, Stock Analysis, Bonds, Certificate of Deposit, Life Insurance and Annuities websites.
- FDIC
FDIC is short for Federal Deposit Insurance Corporation. The FDIC is an independent government agency set up in 1933. FDIC insurance started on January 1, 1934.
- Who Started the FDIC
For many people, the FDIC and FDIC insurance has always been around. So, who started the FDIC and FDIC insurance? Below is a brief history of the FDIC which answers the question 'who started the FDIC'.
- FDIC Insurance Rules
FDIC or Federal Deposit Insurance Corporation.
What are the rules for receiving FDIC insurance coverage?
The types of ownership listed below are entitled to FDIC insurance of up to $100,000 each: (deposits in different institutions are insured separately)
- FDIC rules for Single Accounts
FDIC (Federal Deposit Insurance Corporation) & Single Accounts.
How are single accounts treated for FDIC insurance purposes?
- FDIC rules for Joint Accounts
FDIC (Federal Deposit Insurance Corporation) & Joint Accounts.
How are joint accounts treated for FDIC insurance purposes?
- FDIC and Revocable Living Trust
FDIC and Revocable Living Trust.
How is a revocable living trust treated for FDIC insurance purposes?
Effective April 1, 2004 the owner of a living trust account will be insured up to $100,000 per beneficiary if all of the following requirements are met:
- FDIC and Irrevocable Trust
FDIC and Irrevocable Trust.
How is an irrevocable trust treated for FDIC insurance purposes?
Irrevocable trusts are another legal ownership category. The interest of each beneficiary in an account established under an irrevocable trust is insured up to $100,000 separately from other accounts held by the grantor, trustee, or beneficiary, if all FDIC requirements are met. Check with the institution holding the account for more information.
- FDIC History
Below is a summary of the FDIC history or the history of the Federal Deposit Insurance Corporation. The FDIC history below also provides the timeline for the FDIC activities throughout its history.
- FDIC 1933
The history of the FDIC started in 1933. In 1933, the banking crisis and the Great Depression were still eating up the US economy and confidence. You can read about the FDIC history here.
- Income Tax for Children
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.
- Kiddie Tax
What is the kiddie tax?
A child who is a dependent of their parents will pay taxes at the child tax rate if they only have unearned income between $801 and $1,600 (for 2004 and 2005).
- Kiddie Tax Reporting
How is the kiddie tax reported on a tax return?
For federal income tax returns, there are two possible ways to report and pay the kiddie tax. (State reporting will vary by state.)
- Dependent Child's Income Tax
How is a dependent child 's income taxed?
Dependent children age 14 and over are taxed at the rates for Single taxpayers.
Standard Deduction: A dependent child is entitled to a standard deduction of:
- Dependent Child Tax
When is a dependent child required to file a federal income tax return?
A dependent child must file a tax return if any one of the following applies:
- Taxes on Child's Capital Loss
How is a child's capital losses treated for tax purposes?
Any capital losses in an UGMA / UTMA account belong to the child, not the parents. The parents cannot report the capital losses on their tax return or use the losses to offset their own capital gains.
- UGMA UTMA
UGMA UTMA.
UGMA stands for Uniform Gift for Minors.
UTMA stands for Uniform Transfers to Minors.
What are the tax consequences of setting up a custodial account?
The assets of an UGMA / UTMA account are the minor's property outright. Any gifts made to an UGMA / UTMA account are irrevocable and the donor relinquishes all rights to the property.
- How are UGMA Account Withdrawals Taxed
When opening an UGMA account, people often don't think about taking money from their UGMA account. But, after a few years, the most popular questions concerning UGMA accounts concern borrowing money from UGMA and how are UGMA account withdrawals taxed.
- Backup Withholding
Backup Withholding.
What is the current percentage rate for Backup Withholding and what payments are subject to backup withholding?
The current IRS backup withholding rate is 28%.
- Medical Savings Account (MSA)
Medical Savings Account (MSA).
What are the basics of Archer Medical Savings Account (MSA)
Self-employed individuals covered under a high-deductible health plan and employees of "small employers" (on average no more than 50 employees during either of the two preceding calendar years) can:
- Government Security
What government securities interest is usually exempt from state taxes?
Government securities interest or Interest income from "direct obligations" of the Federal Government and certain agency obligations is exempt from income taxation in all states (but, it is taxable at the federal level).
- Exempt Mutual Funds
How do mutual fund shareholders determine the amount of income that is from state tax-exempt government securities?
Interest from certain government and agency securities may be passed through to mutual funds shareholders and thus qualify for state income tax exemption.
- Investment Clubs
What are the basics investment clubs?
Individuals in an investment club open an investment account together to purchase securities and agree to share account earnings and expenses, gains and losses in proportion to their relative contributions.
- How are Investment Clubs organized
How are investment clubs organized?
The investment club may be organized as a partnership, trust, corporation, or be held in the name of one or more members of the group.
- Community Property States
What is Community Property?
Community Property is a form of property ownership, solely between husband and wife, recognized in community property states as follows:
- Community Property at Death
How is Community Property Treated At Death?
The tax basis of all community property is adjusted (i.e., stepped-up) to its fair market value when one of the spouses dies, even though only one-half is subject to estate taxes. For joint tenancy with right of survivorship, however, only the deceased spouse's one half interest is "adjusted."
- Equity Participation Plans (TDEPP)
How are Non-Qualified Tax-Deferred Equity Participation Plan (TDEPP) benefits taxed?
Some employers require that certain employees who receive bonuses have part of their bonus placed into a nonqualified tax deferred plan, called the Tax Deferred Equity Participation Plan. The portion of the bonus placed into the plan is in the form of the company stock units, which are usually awarded at a discount, e.g. 20% discount.
- Finance Formulas
- Simple Interest Formula
Below is the simple interest formula used to calculate simple interests. Before we discuss the simple interest formula, let's define what simple interest is.
- Calculate Simple Interest
In this section, you will learn how to calculate simple interest. Simple interest, like its name, is the easiest form of interests to calculate.
- Economic Order Quantity
Economic order quantity is used in inventory control. We shall discuss the economic order quantity formula below as well as show examples of calculating economic order quantity.
- Economic Order Quantity Formula
In this section, we are going to derive the economic order quantity formula which you can use as a template for other economic order quantity calculation.
- Calculating Economic Order Quantity
Calculating economic order quantity or EOQ is easy with the economic order quantity formula. Below is an economic order quantity calculation you can use as an example in learning how to calculate the economic order quantity.
- Liquidity Day
Liquidity Day is used to ensure that any trading will not affect or move the market. Big companies often liquidate a large amount of securities, whether it be stocks, bonds or mutual funds.
- Definition of Cash
There are a few types of cash when dealing with finance or security trading. Below are some types of cash you may encounter.
- Forward Contracts
Below is all about forward contracts and how forward contracts work. First let's discuss what a forward contract is. The forward contract is settled at maturity. Forward contracts are frequently entered on foreign exchange.
- Futures Contracts
Future contracts are like forward contracts but future contracts are
usually traded on an exchange, whereas forward contracts are not.
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