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8.43- What are Acceptable funds for a down payment/closing costs?

8.44- What Properties are eligible for FHA purchase transactions?

8.45- What are FHA loan limits?

8.46- Explain "VA funding fees".

8.47- What is Upfront mortgage insurance premiums?

8.48- How is the "Residual income qualification test" conducted?

8.49- What is the Required documentation?

8.50- Explain the Monthly mortgage insurance payment scenarios

8.51- What is the Minimum down payment for an FHA loan?

8.52- What is the Conventional/nonconforming (e.g., Jumbo, Alt-A) loan? Explain Facts on “jumbo loans”

8.53- What is the Definition of “non-conforming” loan? Give Examples of “non-traditional loans”.

8.54- What are the Requirements for an escrow account associated with a “high priced loan”?

8.54- What are the Requirements for an escrow account associated with a “high priced loan”?

8.56- Explain Statement on Subprime Lending

8.57- What is the Definition of “payment shock” ?

8.58- Definition of “subprime” mortgage or loan?

8.59- Explain Characteristics of ARM loans?

8.60- What is Definition of a debt-to-income ratio assessment?

8.61- What are Examples of credit risk characteristics ?

8.62- Give some Scenarios to determine when a balloon loan may be appropriate for a borrower

8.63- What are the Characteristics of subprime borrowers ?

8.64- What are the Characteristics of a subprime mortgage Stated income loans Non-income verifying loans?

8.65- How are borrowers Guided on Nontraditional Mortgage Product Risks?

8.66- What are Characteristics of a non-traditional mortgage loan?

8.67- What are Risks of non-traditional mortgage products?

8.68- What is "Re-payment capacity of a borrower"?

8.69- How is the the right non-traditional mortgage product for borrowers selected?

8.70- What are important required Communications with consumers regarding non-traditional mortgage products?

8.71- What are Qualified and Non-Qualified Mortgage Programs?

8.72- What are Features of a “qualified mortgage”?

8.73- What are Allowable points and fees for qualified mortgages?

8.74- What Information is used to determine whether a loan is “qualified”?

8.75- What are Annual percentage rates that make a mortgage “qualified”?

8.76- What are Categories of qualified mortgages?

8.77- What is a Non-qualified mortgage (Non-QM)? Explain Features of a non-qualified mortgage? Explain Types of non-qualified mortgages

Traditional and Non-Traditional Mortgage Products

9.1- What are Traditional and Non-Traditional Mortgage Products?

9.2- What are Conventional/conforming (e.g., Fannie Mae, Freddie Mac) loans?

9.3- What are the Responsibilities of Fannie Mae?

9.4- What are the Limits on closing cost concessions?

9.5- What Fees are charged on loans with certain risk characteristics?

9.6- What are Fannie Mae/Freddie Mac’s automated underwriting systems?

9.7- What are the Requirements when purchasing a non-owner occupied rental property?

9.8- What are Acceptable down payment amounts? What are Hazard insurance requirements?

9.9- What are the Pre-payment requirements, (e.g., FHA, VA, USDA)?

9.10- What is FHA? What is an “FHA Mortgage”? Explain Facts about FHA loans

9.11- What is VA? What is a VA loan? Explain Facts about VA loans

9.12- Explain Prohibition on mortgage insurance on FHA and VA loans

9.13- How is the interest rate calculated on FHA loan? Explain interest rate calculation scenarios.

9.14- Explain the Types of government guarantors on different loans.

9.15- What is the Definition of “entitlement”?

9.16- What is Certificate eligibility requirement?

9.17- What are Acceptable funds for a down payment/closing costs?

9.18- What Properties are eligible for FHA purchase transactions?

9.19- What are FHA loan limits?

9.20- What are VA funding fees?

9.21- How is the Upfront mortgage insurance premium calculated?

9.22- Explain the Residual income qualification test

9.23- What is the Required documentation?

9.24- Explain the Monthly mortgage insurance payment scenarios

9.25- What is the Minimum down payment for an FHA loan?

9.26- What are Conventional/nonconforming (e.g., Jumbo, Alt-A) loans? Explain Facts on “jumbo loans”

9.27- What is the Definition of “non-conforming” loan? Give some Examples of “non-traditional loans”

9.28- What is an "escrow account"? What are the Requirements for an escrow account associated with a “high priced loan”?

9.29- What are the Requirements for an escrow account associated with a “high cost loan”?

9.30- What is Subprime Lending?

9.31- What is Definition of “payment shock”?

9.32- What is Definition of “subprime” loan?

9.33- What are Characteristics of ARM loans?

9.34- Explain "debt-to-income ratio assessment"

9.35- What is credit risk? Give some Examples of credit risk

9.36- Give Scenarios to determine when a balloon loan may be appropriate for a borrower

9.37- What is a subprime borrower? Explain Characteristics of subprime borrowers

9.38- What is a subprime mortgage? What are Characteristics of a subprime mortgage Stated income loans Non-income verifying loans?

9.39- How are consumers Guided on Nontraditional Mortgage Product Risk? What are Characteristics of a non-traditional mortgage loan?

9.40- What are Risks of non-traditional mortgage products? How is Re-payment capacity of a borrower identified?

9.41- How is the right non-traditional mortgage product dentified for borrowers?

9.42- What are important Communications with consumers regarding non-traditional mortgage product?

9.43- What are Qualified and Non-Qualified Mortgage Programs?

9.44- What are Features of a “qualified mortgage”?

9.45- What are Allowable points and fees for qualified mortgages?

9.46- What Information is used to determine whether a loan is “qualified”?

9.47- What are Annual percentage rates that make a mortgage “qualified”?

9.48- Explain different Categories of qualified mortgages

9.49- Explain categories and types of Non-qualified mortgage (Non-QM)

9.50- Explain Features of a non-qualified mortgage

Mortgage loan products

10.1- What is a Fixed Mortgage? Explain Characteristics of a fixed-rate mortgage

10.2- Draw Comparisons of types of loans (scenarios). Explain Situations that affect a fixed rate mortgage payment

10.3- How does the Percentage of pay down impact monthly payments?

10.4- What is a Fixed-rate mortgage loan with escrow?

10.5- What is an Adjustable rate Mortgage? What are Payment options for an adjustable-rate mortgage? Explain Facts on margin with respect to adjustable-rate mortgages

10.6- Explain Facts on the index with respect to adjustable-rate mortgages

10.7- What is the Definition of “fully indexed rate”?

10.8- Give some Examples of adjustable-rate mortgages. Explain some Scenarios resulting in a change in monthly payments and Facts on ARM loans

10.9- Explain Fully indexed rate scenarios

10.10- Explain Scenarios reflecting payments increasing/decreasing on “change date”

10.11- What is the Timeline for notifying a customer of a rate change?

10.12- Explain Factors when determining interest rates

10.13- How is a borrower’s monthly payment Calculated on Balloon mortgage loan products? Explain Facts about balloon mortgages

10.14- Explain Types of balloon mortgages

10.15- What are Lender requirements on Baloon mortgages? Explain Scenarios to determine when a balloon loan may be appropriate for a borrower

10.16- What is a Reverse mortgage? Explain Facts on reverse mortgages

10.17- Explain Timeline for calculating interest on home equity conversion mortgage loans

10.18- What Payments are required after closing on a conversion mortgage loan?

10.19- What is the Age requirements for conversion mortgages?

10.2- What is the Amount of title insurance required?

10.20- Explain some Facts on “construction-to-permanent” financing programs

10.21- What is the Permissible percentage of total equity allowed for withdrawal?

10.22- Explain Scenarios that cause the full balance to become due

10.22- Explain Scenarios that cause the full balance to become due

10.24- What are "Purchase Money Second Mortgages"? What are required disclosures?

10.25- What is Home Equity Line of Credit (HELOC)? What are the required disclosures?

10.26- Give some Examples of open-ended credit loans

10.27- What is HELOC? Explain Characteristics of a HELOC

10.28- What are Fundamentals of Construction Mortgages?

10.29- What is Definition of “construction loan”? What is the required payment on a construction loan?

10.30- How is the the disclosure of financing classified by the same creditor when constructing a home?

10.31- What is an Interest-only Mortgages? Explain Facts about interest only loans

10.32- Explain facts on interest only payments

Ethical issues and behavior related to loan origination activities

11.1- What is the Gramm-Leach Bailey Act? What are Prohibited Acts? Explain the consequences of Violations of Gramm-Leach Bliley Act

11.2- What is "redlining"? Give Examples of “redlining”

11.3- What is RESPA? What are Acceptable/non-acceptable practices under RESPA? Give Examples of prohibited acts

11.4- What are acceptable Requests for personal information?

11.5- What are "kickbacks"? Give some Examples of “kickbacks”

11.6- What are the Duties a loan processor may/may not perform?

11.7- What is Predatory lending and steering?

11.8- Explain "Fairness Lending"

11.9- What is the Definition of a "referral" and the required associated disclosures, and when are they necessary?

11.10- What is Coersion? Explain Coercion scenarios

11.11- Explain Scenarios where the appraiser has a conflict of interest

11.12- Explain Discriminating against a loan applicant

11.13- What are the Requirement to treat all applicants with the same level of fairness?

11.14- How is Truth in marketing and advertising conducted?

11.15- Explain Scenarios where information is misleading within an advertisement

11.16- What is Bait and Switch? Give a few Bait and switch scenarios

11.17- What is due deligence? What is the importance of Performing a due diligence review of advertisements prior to publication? Explain Scenarios where “unfair, deceptive, or abusive acts” are undertaken

11.18- Give Examples of lawful advertising. What are Types of advertisements that are subject to federal regulations? What are the Rules surrounding contact (e.g., “Established business relationship”)? What are Permissible statements/phrases within an advertisement?

11.19- How is the Borrower education conducted? How is Fraud detected?

11.20- What is Asset fraud?

11.21- What are Red flags on a sales contract?

11.22- What are red flags on an Application?

11.23- How is fraudulent information verified on a loan application? (Income Fraud, Occupancy Fraud, consumer's bank activity )?

11.24- Explain some General red flags that could represent fraud

11.25- Explain Scenarios surrounding a consumer’s bank activity

11.26- Explain Scenarios where information is not provided to a borrower

11.27- Explain Employment fraud, Liability fraud, Suspicious activity

11.28- What are Permitted fees, payments, and compensation (e.g., Loan Estimate)?

11.29- What are the Fees that may not increase due to changed circumstances ?

11.30- How are the fees handled based on the Loan Estimate

11.31- Explain Closing cost scenarios

11.32- Explain Settlement scenarios where monies are missing or misused

11.33- Explain Scenarios surrounding referral fees, Splitting fees

11.34- How are consumer complaints handled? What are Mortgage company compliance requirements? What are Acceptable practices when acting on behalf of a lender

11.35- What are Acceptable practices regarding appraisals?

11.36- Explain Scenarios when an MLO discovers material information that should be conveyed to the lender

11.37- Explain Scenarios surrounding the information supplied by employers

11.38- Explain Requirements for MLOs regarding Relationship with consumers, Ethical handling of a customer’s personal information, Down payment scenarios, Interest rate adjustment scenarios, Power of Attorney (POA) scenarios, Permissible reasons for requesting a credit report, Scenarios of notifying the underwriter of a change in the borrower’s application or status

11.39- Explain Proper disclosures by MLOs if there is a potential conflict of interest, Scenarios surrounding situations with borrower’s and co-borrower’s

11.40- Explain Permissible acts of MLOs regarding the appraisal of a client’s property, Scenarios surrounding situations with borrower’s undisclosed income, Permissible acts after discovering deposits inconsistent with borrower’s income included on application, Scenarios involving a gift received by the borrower,

11.41- Explain Scenarios of notifying a loan officer if a borrower has applied with other companies for additional mortgages, Scenarios surrounding a borrower providing information on income,

11.42- Explain Cybersecurity scenarios , General business ethics, Scenarios where borrower has provided false information, Scenarios where borrower is seeking advice,

11.43- Explain Scenarios where the MLO is falsifying information on behalf of a borrower, Providing suitable unsolicited advice to a borrower, Scenarios where outside parties/individuals to the loan attempt to obtain information on a loan or about a borrower

SAFE Act and CSBS/ARRMR Model State Law

12.1- What is SAFE Act and CSBS/ARRMR Model State Law ?

12.2- What are State mortgage regulatory agencies and their regulatory powers?

12.3- What is CFPB? What is CFPB's authority ?

12.4- What are Continuing education requirements ?

12.5- What are CFPB penalty limits ?

12.6- What is CFPB Loan Originator Rule ?

12.7- What is the Authority of state regulator (e.g., audit)? What are its Responsibilities and limitations

12.8- What Documents are required to be filed for public record?

12.9- Explain License Law and Regulation. What are Minimum requirements for state licensing laws

12.10- What Persons are required to be licensed ?

12.11- What Services can be conducted by MLOs and the requirement to be licensed ?

12.12- What Entities are required to use MLOs?

12.13- What acts are Allowable by underwriters ? Clerical/support duties, Loan processors ?

12.14- What type of Business individuals may/may not conduct without being licensed as an MLO ? General business, Non-profit institutions, Business purpose loans (e.g., commercial, non-owner)?

12.15- What are Pre-licensing education requirements? Background checks o pther Requirements to becoming an MLO, Managing felony charges, Waiting period for test retakes, Sponsorship requirement,

12.16- Explain an “MLO's” requirement to be licensed with a state, Grounds for State denying a license, Reasons for denying an applicant , License maintenance, Continuing education requirements, Renewal period, License renewal lengths and minimum standards, Continuing education courses approvals, Withholding a record

12.17- Explain Requirements to re-take exam if individual has been absent from industry, Requirement to maintain an active license, Required continuing education hours completed to renew a license

12.18- What are NMLS requirements? Change of employment and updating NMLS, Required submissions that applicants must make to the NMLS, Required disclosures to NMLS, Requirement to publicly display an NMLS identifier, Requirement to include the NMLS identifier in certain situations

12.19- What are Licensed non-depository employees’- vs registered depository employees’ in NMLS? Explain requirement for Compliance, Authority to examine licensee’s books and records, Prohibited conduct and practices

12.20- What are Prohibited acts ? Explain Requirement to obtain a unique identifier

12.21- How are Investigations by state agencies conducted? What is the Required conduct?

12.22- What Individual is responsible for providing documents during a complaint investigation?

12.23- What is the Required information to be maintained in a loan file?

12.24- What are Assumable mortgage loan products?

12.25- What are Penalties assessed for failure to conduct certain duties ?

12.26- What are Permissible acts? What is the Timeline for submitting books and records to a state regulator?

12.27- Explain General scenarios regarding mortgage loan origination, Required information on loan documents, Record retention requirements, Advertising, and Requirement to include NMLS unique ID in advertisements

Commercial / Business Loans

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Loan Inquiry and the Application Process (1003)

Loan Origination

Overview of Mortgage Lending in United States

1.1- The History of the mortgage industry

1.2- Start of the mortgage industry

1.3- Events leading to the implementation of the federal laws and need for consumer protection.

1.4- What is Role of the Mortgage Loan Originator in consumer protection.

1.5- What is a Mortgage Loan Originator (MLO) and its Job decsiption

1.6- What is a Mortgage Broker and its Job Description?

1.7- What is a Mortgage Banker and its Job Description?

1.8- What is a Registered Mortgage Loan Originator (RMLO) and its Job Description?

1.9- What is a mortgage lender/funder and its Job description?

1.10- What is a mortgage investor and its Job Description?

1.11- What is a mortgage servicer and its Job Description?

1.12- What is a mortgage underwriter and its Job Description?

1.13- What is a mortgage examiner and its Job Description?

1.14- What is a mortgage regulator and its Job Description?

Regulatory Authorities Overseeing the Mortgage Industry

2.1- What Regulatory Authority Oversees the Mortgage Industry?

2.2- What is the Consumer Financial Protection Bureau (CFPB)

2.3- How does the Federal Govt. oversee the CFPB?

2.4- What Functions are performed by the CFPB?

2.5- What is the oversight authority of CFPB?

2.6- How are complaints Filed with CFPB?

2.7- What is Department of Housing and Urban Development (HUD)?

2.8- What is the Primary function of HUD?

2.9- What are the Programs offered by HUD?

2.10- How many housing agencies are required to be listed on the housing counseling disclosure?

2.11- What Types of loans trigger the requirement for a counseling agency to consult with a borrower?

2.12- What Entities does HUD oversees?

2.13- What is the Fair Housing Law Protections (e.g., health status, etc.)

Federal Mortgage-Related Laws

3.1- What is Real Estate Settlement Procedures Act (RESPA), 12 CFR Part 1024 (Regulation X)

3.2 What is the origin and purpose of RESPA?

3.3- What are the prohibitions, limitations and exemptions set by RESPA

3.4- What Types of loans is RESPA applicable to?

3.5- What are Settlement services ?

3.6- What disclosures is required to the customer for an MLO who is also a broker?

3.7- What are Bona fide discount points and its application during a mortgage loan origination?

3.8- What information is Required from a borrower that must be included on an application (Regulation X)?

3.9- What is the role and function of third party settlement service providers

3.10- What steps are required during the foreclosure process?

3.11- What is the Initial escrow statements?

3.12- What Changes can be made to the HUD-1/Good Faith Estimate?

Part 2- Commercial Lending

Part 1- Personal Lending

FAQ's - MLO's, Loan Officers, Mortgage Brokers, Mortgage Bankers

Z-Tax and Accounting

www.ZTaxOnline.com

Glossary of Tax Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

FAQ's - Tax Professionals, Consultants and Accountants

Part 1- Personal Tax

Part 2- Business & Corporate Tax

The purpose of Income Tax planning is to reduce the income taxes paid to federal, state, and local governments. Individuals and families can use two Income Tax Planning strategies to reduce their income tax burdens.

(1) They can Invest in available Tax Advantaged Investment Alternatives.

For example, the investment return provided by investments in municipal bonds is not taxable by the federal government and might also be exempt from state and local income taxes. Various retirement plans allow people to accumulate funds for use in retirement on a tax-deductible and tax deferred basis. People should carefully consider each type of Investment that provides tax advantages.

(2) They can take advantage of tax deductions and tax credits.

The federal Income Tax code allows individuals and families to deduct certain expenses and other amounts from their annual income before calculating their federal income tax liability. Interest paid on their home mortgages, medical expenses that exceed a certain percentage of annual income, contributions to qualifies retirement plans, and amounts contributed to charitable organizations are examples of such deductions. The Federal Income Tax code also allows certain credits to be deducted from an Individual's or a Family's Income Tax Liability. For example, low income workers raising children might be able to use the earned income credit to reduce the amount of federal income tax they must pay.

Income Tax planning can help Individuals and Families increase their current standard of living and increase the amount they can accumulate for retirement and other long term needs. It is an important part of most people's financial planning.

Continue to: www.ZTaxOnline.com

Taxes

Personal Income Tax

- Federal Income Tax

- State Income Tax

- Sales Tax

- County, Municipality Tax

- Property Tax

- Personal Property Tax

- Payroll Tax

- Franchise Tax

- Inheritance & Estate Tax

Exemptions & Credits

- Qualifying Dependents

- The Standard Deduction

- Itemized Deduction

- Adjustment to Income

- Earned Income Tax Credit

- American Opportunity Tax Credit

- Child and Dependent Care Credit

- Child tax Credit

Form 1040 (Individual Income Tax, Forms and Schedules)

Schedule A (Form 1040), Itemized Deductions

Schedule B (Form 1040), Interest and Ordinary Dividents

Schedule C (Form 1040), Profit or Loss from a Sole Proprietorship Business

Schedule C-EZ (Form 1040), Net Profit from a Sole Proprietorship Business

Schedule D (Form 1040), Capital Gains and Losses

Schedule E 1040), Supplemental Income and Loss

Schedule EIC (1040), Earned Income Credit

Schedule F (1040), Profit or Loss from Farming

Schedule H (1040), Household Employment Taxes

Schedule J (1040), Income Averaging for Farmers and Fisherman

Schedule R (1040), Credit for the Elderly or the Disabled

Schedule SE (1040), Self Employment Tax

Schedule 8812 (1040), Child Tax Credit

Schedule 1 (1040) Additional Income and Adjustment to Income

Schedule 2 (1040) Additional Taxes

Schedule 3 (1040) Additional Credits and Payments

Schedule 4 (1040) Other Taxes

Schedule 5 (1040) Other Payments and Refundable Credits

Schedule 6 (1040) Foreign Address and Third Party Designee

Personal Income Tax FAQ's

1.1- What are Tax Credits?

1.2- What is a Refundable Tax Credit?

1.3- What is a Non-Refundable Tax Credit?

1.4- What are Tax deductions?

1.5- What is an Earned Income Tax Credit?

1.6- What is a Child and dependent Care Credit?

1.7- What is Adoption Credit?

1.8- What is Child Tax Credit and Credit for Other Dependents?

1.9- What is Credit for Elderly or Disabled?

1.10- What is the American Opportunity Credit and Lifetime Learning Credit?

1.11- What is Residential Energy Efficient Property Credit?

1.12- What is Non-Business Energy Property Credit?

1.13- What is Low Income Housing Credit (for owners)?

1,14- What is Saver's Credit?

1.15- What is Foreign Tax Credit?

1.16- What is Excess Social Security and RRTA Tax Withheld?

1.17- What is Credit for Tax on Undistributed Capital Gains?

1.18- What is nonrefundable credit for prior year minimum tax?

1.19- What is credit to Holders of Tax Credit Bonds?

1.20- What is Premium Tax Credit (Affordable Care Act)?

1.21- What is Health Coverage Tax Credit?

1.22- What are Employee Business Expenses?

1.23- What are Home Office Expenses?

1.24- What are Business Entertainment expenses?

1.25- What are Deductible Taxes?

1.26= What is the State and Local Tax deduction Limit?

1.27- What are Property Taxes and how is it claimed?

1.28- What are Real Estate Taxes and how are they claimed?

1.29- What is Sales tax and how is it claimed?

1.30- What are Charitable Contributions are how are they claimed?

1.31- What are Gambling Losses, what are the limits and how are they claimed?

1.32- What are Miscellaneous Expenses and how are they claimed?

1.33- What are Interest Expenses and how are they claimed?

1.34- What is a Home Mortgage Interest expense and how is it claimed?

1.35- What are Union/Club/Moving expenses and how are they claimed?

1.36- What is student loan interest and how is it claimed?

1.37- What are Work Related Educational expenses and how are they claimed?

1.38- What are Teacher Educational Expenses and how are they claimed?

1.39- What is the Deduction for a Sale of Home and how is it claimed?

1.40- What are Individual retirement Arrangements and how is the deduction Claimed?

1.41- What are Capital Losses and How are the Deductions Claimed?

1.42- What is Bad debt and how is the deduction claimed?

1.43- What Medical and dental Expenses can be deducted?

1.44- What is a "Health Saving Account" HSA and how is it deducted?

1.45- Is a Stock that became Worthless last year considered Bad Debt and how is it reported?

1.46- Is the Loss on the Sale of a Home Deductible?

1.47- If I receive a 1099-DIV showing a Capital Gain, is that amount reported on my Tax return although I never sold any shares?

1.48- How are the average basis calculated for Mutual Fund Shares?

1.49- Are there any taxes due on the additional stock I received due to stock split?

1.50- How do I report a form 1099-B received from my employer for selling a stock that was received under the Employee Stock Purchase Plan?

1.51- How is the cost basis figured for shares that were purchased during different times and different prices?

1.52- How is the Sale of a second home reported on a Tax Return?

1.53- Are the Proceeds received from the Sale of a Home to pay off the Mortgage Taxable?

1.54- How is the basis of a property calculated that was received as a gift?

1.55- If the gain from the sale of a principle residence is excluded this year, can the exclusion be claimed in the future for the sale of new principle residence?

1.56- What are the scenarios for excluding the gains from a property in case it was partially a principle residence and partially a rental property?

1.57- How is the Sale of a second property reported on the tax return?

1.58- How are reinvested dividends reported on a tax return?

1.59- How does the return of principle payments affect my cost basis in my mutual funds?

1.60- What is the Manufacturer's Energy Efficient Appliance Credit?

1.62- What is Plug-in Electric Drive Vehicle Credit (IRC 30D)?

1.63- What is Research credit?

1.64- What qualifies as Deductible Business credit including depreciation?

1.65- How is the IRS notified of an address change?

1.66- What is the age limit on claiming a child as a dependent?

1.67- What is the Income limit for an unmarried dependent student before he or she must file an Income Tax return?

1.68- Do I have to claim a child as a dependent to claim a Head of Household status?

1.69- If I make a mistake on a tax return and file it, how can I make the correction?

1.70- What is the meaning of a "Split Refund"?

1.71- Who should make quarterly estimated tax payments and in what amounts?

1.72- Does the IRS figure Tax and Credits for the Taxpeyers?

1.73- What should I do if my check to IRS for Tax payment does not clear?

1.74- What is a Private Letter Ruling and how do I receive One?

1.75- What should I do if I am unable to pay IRS delinquent Taxes?

1.76- What is the Interest and Penalties for filing and not paying IRS tax on time?

1.77- Can I get a copy of W2 from IRS?

1.78- What is the two month automatic extension for Tax filers filing a return from Overseas?

1.79- What is Injured Spouse Allocation?

1.80- How can I correct the spellings of my name with IRS?

1.81- Is there a need to change my name for "Married filing Jointly"?

1.82- If I change my name, how do I file a Tax Return?

1.83- If I update my name on my Social Security card and my W2 and or 1099 shows my old name, what should I do?

1.84- If I loose my refund check, can I receive a replacement check?

1.85- How do I find out if my Refund Check was cashed?

1.86- When fling a Joint Tax Return with spouse, can the refund be deposited in either filer's account or a Joint Account only?

1.87- What are the issues that can change the amount of my Tax Refund?

1.89- If I key in a wrong accout number or routing number on the return, can I fix it?

1.90- How canI collet child support from a non-custodial parent?

1.91- If someone files a return with my Social Security Number, how do I notify the IRS?

1.92- How do I file a deceased persons Tax Return?

1.93- Can the Employer provide a W@ electronically?

1.94- if I receive an incorrect W2 and my employer does not correct it, what should I do?

1.95- Are full time students exempt from Fderal Income Tax?

1.96- Whom can I claim as a dependent?

1.97- Are the proceeds from Life Insurance Policy taxable?

Types of Income

2.1- Wages and Salaries

2.2- Interest Received

2.3- Dividends

2.4- Business Income

2.5- Capital Gains and Losses

2.6- Pensions and Annuities

2.7- Lump-sum Distributions

2.8- Rollovers from Retirement Plans

2.9- Rental Income and Expenses

2.10- Renting Residential and Vacation Property

2.11- Farming and Fishing Income

2.12- Earnings for Clergy

2.13- Unemployment Compensation

2.14- Gambling Income and Losses

2.15- Bartering Income

2.16- Scholarship, Fellowship Grants and other Grants

2.17- Social Security and equivalent Railroad Retirement Benefits

2.18- 401(k) Plans

2.19- Passive Activities - Losses and Credits

2.20- Stock Options

2.21- Traders in Securities

2.22- Receipt of Stock in a Demutualization

2.23- Cancelled Debt

2.24- Form 1099-A (Acquisition or Abandonment of Secured Property)

2.25- Form 1099-C (Cancellation of Debt)

Adjustments to Income

3.1- Individual Retirement Arrangements (IRAs)

3.2- Alimony

3.3- Bad Debt Deduction

3.4- Moving Expenses for Members of the Armed forces

3.5- Student Loan Interest Deduction

3.6- Educator Expense Deduction

Itemized Deductions

4.1- Who Should Itemize Deductions?

4.2- Medical and Dental Expenses

4.3- Deductible Taxes

4.4- Home Mortgage Points

4.5- Interest Expense

4.6- Charitable Contributions

4.7- Business Use of Home

4.8- Business Use of Car

4.9- Business Travel Expenses

4.10- Work Related Education Expenses

4.11- Casualty, Disaster and Theft Losses

Tax Computation

5.1- Standard Deduction

5.2- Tax and Credits figured by IRS

5.3- Tax on Child's Investment and other Unearned Income (Kiddie Tax)

5.4- Self-Employment Tax

5.5- Aternative Minimum Tax (AMT)

5.6- Additional Tax on Early Distributions from Traditional and Roth IRA's

5.7- Additional Tax on Early Distributions from Retirement plans other than IRA's

5.8- Net Investment Income Tax

5.9- Additional Medicare Tax

5.10- Individual Shared Responsibility Provision

Tax Credits

6.1- Earned Income Credit

6.2- Child and Dependent Care Credit

6.3- Adoption Credit and Adoption Assistance Programs

6.4- Excess Social Security and RRTA Tax Withheld

6.5- Retirement Savings Contributions Credit

6.6- Repayment of the First Time Home buyer Credit

6.7- The Premium Tax Credit

Basis of Assets, Depreciation, and Sale of Assets

7.1- Sale of Home

7.2- Basis of Assets

7.3- Depreciation

7.4- Installment Sales

Tax Information for US Resident Aliens and Citizens Living Abroad

8.1- Resident and Non Resident Aliens

8.2- Foreign Tax Credit

8.3- Individual Taxpayer Identification Number (ITIN)

8.4- Alien Tax Clearance

Tax Information for Residents of Puerto Rico

9.1- Is there a requirement to file a US Federal Income Tax return for an Individual with Income from Puerto Rico?

9.2- Credits and Deductions for Individuals with Income from Puerto Rico

9.3- US Employment Tax in Puerto Rico

9.4- Tax Assistance for Residents of Puerto Rico

Corporate and Business Taxes

Employer Tax Information

11.1- Social Security and Medicare Withholding Rates

11.2- Filing Forms W-2 and W-3

11.3- Form W-4 -- Employees Withholding Allowance Certificate

11.4- Employer Identification Number (EIN)

11.5- Employment Taxes for Household Employees

11.6- Forms 941 and 944, Deposit Requirements

11.7- Form 941, Employers Quarterly Federal Tax Return

11.8- Form 944- Employer's Annual Federal Tax Return

11.9- Form 940- Employer's Annual Federal Unemployment (FUTA) Tax Return (Filing and Deposit Requirements)

11.10- Form 943- Reporting and Deposit Requirements for Agricultural Employers

11.11- Withholding and Reporting Requirements

11.12- The Affordable Care Act

(12) Sole Proprietorships

(13) Business Partnerships

(14) Corporations

(15) S Corporations

(16) Limited Liability Company (LLC)

(17) Self Employment Tax

(18) Employment Taxes

(19) Excise Tax

(20) Estimated Tax

(21) Information Returns

(22) Categorized Industrial and Professional Tax Centers

(23) Corporate Executive Compliance

(24) Foreign Account Tax Compliance Act (FATCA)

(25) Report of Foreign Bank and Financial Accounts (FBAR)

(26) Tax Treaties with Other Countries

(27) Federal, State and Local Governments Tax Information

(28) Indian Tribal Governments (ITG) Tax Information

(29) Tax Exempt Bonds (TEB)

(30) Governmental Liaisons (GL)

United States Tax Treaties with Other Countries

26.1- United States Tax Treaty with Armenia

26.2- United States Tax Treaty with Australia

26.3- United States Tax Treaty with Austria

26.4- United States Tax Treaty with Azerbaijan

26.5- United States Tax Treaty with Bangladesh

26.6- United States Tax Treaty with Barbados

26.7- United States Tax Treaty with Belarus

26.8- United States Tax Treaty with Belgium

26.9- United States Tax Treaty with Bulgaria

26.10- United States Tax Treaty with Canada

26.11- United States Tax Treaty with China

26.12- United States Tax Treaty with Cyprus

26.13- United States Tax Treaty with Czech Republic

26.14- United States Tax Treaty with Denmark

26.15- United States Tax Treaty with Egypt

26.16- United States Tax Treaty with Estonia

26.17- United States Tax Treaty with Finland

26.18- United States Tax Treaty with France

26.19- United States Tax Treaty with Georgia

26.20- United States Tax Treaty with Germany

26.21- United States Tax Treaty with Greece

26.22- United States Tax Treaty with Hungary

26.23- United States Tax Treaty with Iceland

26.24- United States Tax Treaty with India

26.25- United States Tax Treaty with Indonesia

26.26- United States Tax Treaty with Ireland

26.27- United States Tax Treaty with Israel

26.28- United States Tax Treaty with Italy

26.29- United States Tax Treaty with Jamaica

26.30- United States Tax Treaty with Japan

26.31- United States Tax Treaty with Kazakhstan

26.32- United States Tax Treaty with Korea

26.33- United States Tax Treaty with Kyrgyzstan

26.34- United States Tax Treaty with Latvia

26.35- United States Tax Treaty with Lithuania

26.36- United States Tax Treaty with Luxembourg

26.37- United States Tax Treaty with Malta

26.38- United States Tax Treaty with Mexico

26.39- United States Tax Treaty with Moldova

26.40- United States Tax Treaty with Morocco

26.41- United States Tax Treaty with Netherlands

26.42- United States Tax Treaty with New Zealand

26.43- United States Tax Treaty with Norway

26.44- United States Tax Treaty with Pakistan

26.45- United States Tax Treaty with Philippines

26.46- United States Tax Treaty with Poland

26.47- United States Tax Treaty with Portugal

26.48- United States Tax Treaty with Romania

26.49- United States Tax Treaty with Russia

26.50- United States Tax Treaty with Slovak Republic

26.51- United States Tax Treaty with Slovenia

26.52- United States Tax Treaty with South Africa

26.53- United States Tax Treaty with Spain

26.54- United States Tax Treaty with Sri Lanka

26.55- United States Tax Treaty with Sweden

26.56- United States Tax Treaty with Switzerland

26.57- United States Tax Treaty with Tajikistan

26.58- United States Tax Treaty with Thailand

26.59- United States Tax Treaty with Trinidad

26.60- United States Tax Treaty with Tunisia

26.61- United States Tax Treaty with Turkey

26.62- United States Tax Treaty with Turkmenistan

26.63- United States Tax Treaty with Ukraine

26.64- United States Tax Treaty of Union of Soviet Socialist Republics (USSR)

26.65- United States Tax Treaty with United Kingdom

26.66- United States Tax Treaty with Uzbekistan

26.67- United States Tax Treaty with Venezuela

Continue to:

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Z-Insurance & Risk Management

www.ZInsuranceOnline.com

Glossary of Insurance Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

FAQ's - Risk Managers, Consultants, Brokers & Financial Advisors

Part 1- Insurance & Risk Management

Part 2- Personal Financial Planning

Risk in our Society

1.1- What is the meaning of Risk?

1.2- What is the difference between pure and speculative Risk?

1.3- What are the major pure risks that are associated with financial insecurity?

1.4- How is the Risk burden to the Society?

1.5- What are the major methods of handling risk?

1.6- What is "Avoidance"?

1.7- What is "Chance of Loss"?

1.8- What is "Direct Loss"?

1.9- What is "Fundamental Risk"?

1.10- What is "Hazard"?

1.11- What is "Hedging"?

1.12- What is "Hold-Harmless Clause"?

1.13- What is "Human Life value"?

1.14- What is "Incorporation"?

1.15 What is "Indirect loss"?

1.16- What is "consequential loss"?

1.17- What are "Liability risks"?

1.18- What is "Loss control"?

1.19- What is "Moral Hazard"?

1.20- What is "Morale Hazard"?

1.21- What is "Non Insurance Transfers"?

1.22- What is "Objective probability"?

1.23- What is "Objective Risk"?

1.24- What is "Particular Risk"?

1.25- What is "Peril"?

1.26- What are "Personal Risks"?

1.27- What is "Physical Hazard"?

1.28- What are "Property risks"?

1.29- What is "Pure risk"?

1.30- What is "Retention"?

1.31- What is "Subjective Probability"?

1.32- What is "Subjective risk"?

Insurance and Risk

2.1- What is Insurance? Explain the basic characteristics of Insurance

2.2- What is the Law of Large Numbers?

2.3- What are the requirements of an Insurable risk from the viewpoint of a private insurer?

2.4- What are some of the major Insurable and and Uninsurable risks in our society?

2.5- How does Insurance differ from gambling and speculation?

2.6- What are the major types of Insurance?

2.7- What are the social benefits and social costs of Insurance

2.8- What is adverse selection?

2.9- What is Casualty Insurance

2.10- What is Expense loading?

2.11- What are Fidelity and Surety Bonds?

2.12- What is "Fortuitous Loss"?

2.13- What is "Indemnification"?

2.14- What is "Inland Marine Insurance"?

2.15- What is Insurance?

2.16- What is the Law of Large numbers?

2.17- What is Life and Health Insurance?

2.19- What is multiple-line Insurance?

2.20- What is Ocean Marine Insurance?

2.21- What is Pooling?

2.22- What is Property and Liability Insurance

2.23- What is Reinsurance?

2.24- What are the requirements for an Insurable risk?

2.25- What is Risk transfer?

2.26- What is Social Insurance?

2.27- What is "Underwriting"?

Risk Management

3.1- Define Risk Management

3.2- What is the Basic Objective of Risk Management?

3.3- What are the four steps in the Risk Management Process?

3.4- What are the various methods for treating loss exposure including avoidance, loss control, retention, noninsurance transfers, insurance ?

3.5- What is "Association or Group Captive"?

3.6- What is "Available Insurance"?

3.7- What is "Avoidance"?

3.8- What is "Captive Insurer"?

3.9- What is "Deductible"?

3.10- What is "Desirable Insurance"?

3.11- What is "Essential Insurance"?

3.12- What is "Excess Insurance"?

3.13- What is "Loss Control"?

3.14- What is "Loss Frequency"?

3.15- What is "Loss Severity"?

3.16- What is "Manuscript Policy"?

3.17- What is "maximum possible loss"?

3.18- What is "maximum probable loss"?

3.19- What is "Non insurance Transfer"?

3.20- What is "Pure Captive"?

3.21- What is "Retention"?

3.22- What is "Retention Level"?

3.23- What is "Risk Control"?

3.24- What is "Risk Financing"?

3.25- What is "Risk Management"?

3.26- What is "Risk Management Manual"?

3.27- What is "Risk Management Policy Statement"?

3.28- What is "Risk Retention Group"?

3.29- What is "Self Insurance"?

Fundamental Legal Principles

4.1- What are the fundamental legal principles that are reflected in insurance contracts, including the:

A- Principle of Indemnity

B- Principle of Insurable Interest

C- Principle of Subrogation

D- Principle of Utmost Good Faith

4.2- How do the Legal Concepts of Representations. Concealment, and Warranty support the principle of utmost good faith?

4.3- What are the basic requirements for the formation of a valid Insurance Contract?

4.4- How does the Insurance contract differ from other contracts?

4.5- What is the "Law of Agency" and how does it affect the actions of Insurance Agents?

4.6- What is Actual Cash Value?

4.7- What is Aleatory Contract?