Money 101 - from money.com

Welcome to Ameritrade Plus University

	Introduction
	Top ten
	The details:
	•	Your tax bracket
	•	Withholding
	•	What's FICA?
	•	Estimated taxes
	•	Penalty and interest charges
	•	1040 mysteries revealed
	•	Alternative minimum tax
	•	The dreaded audit
	•	Tax planning
	•	Tax law changes
	Glossary
	Take the test

Lessons:

1	Setting priorities
2	Making a budget
3	Basics of banking
4	Basics of investing
5	Investing in stocks
6	Investing in bonds
7	Buying a home
8	Investing in mutual funds
9	Controlling debt
10	Employee stock options
11	Saving for college
12	Kids and money
13	Planning for retirement
14	Investing in IPOs
15	Asset allocation
16	Hiring financial help
17	Health insurance
18	Buying a car
19	Taxes
20	Home insurance
21	Life insurance
22	Futures and options
23	Family law
24	Estate planning
25	Auto insurance

About Money 101

A word about penalty and interest charges

If you balk at how much you pay the federal government, at least try to minimize your aggravation by doing all you can to avoid paying penalty and interest charges. There are plenty of circumstances in which such charges apply. Here are a few common ones:

Underpayment. Most of us look to April 15 as the day we must pay our taxes. Actually, it's the day we need to finish paying our taxes. Indeed, the Internal Revenue Service will charge you a penalty if you haven't paid 90 percent of what you owe for the tax year or an amount equal to 100 percent of your tax liability for the prior year, whichever is smaller. In other words, if you owed a total of $25,000 in taxes last year, and will owe $35,000 this year, you're in the clear as long as you have paid at least $25,000 by Dec. 31.

Late payments. There are three other key ways you'll get hit with extra charges if you don't give the IRS its fair share by the appropriate date:

If you file your taxes on time, but don't pay the full amount you owe, you may be charged:

Interest on the unpaid tax from the due date of the return through the date of payment; and

A late payment penalty.

If you file your taxes late and owe money, you may be charged:

Interest on the unpaid tax from the due date of the return through the payment date;

A late payment penalty; and

A late filing penalty.

If you file for an extension but don't pay the tax you owe by April 15, you will avoid the late filing penalty. But you still may be charged:

Interest on the unpaid tax from April 15 through the payment date; and

A late payment penalty.

Next: 1040 mysteries revealed