what is Internal Revenue Service (IRS) and Certificate Of
Deposit (CD)?
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Answer / bhupender janmejai
The Internal Revenue Service (IRS) is a United States government
agency tasked with collecting yearly state and income tax from
working residents and businesses. Most citizens pay income tax to
the IRS annually, though in some cases quarterly prepayments are
required for freelancers and businesses that exceed a given income
threshold. The IRS is part of the Department of the Treasury.
IRS income and state taxes are based on the calendar year with
annual payments due no later than the following April 15th. The
process of submitting IRS tax forms is called filing taxes. A
request for an extension is acceptable, but estimated payments must
accompany the extension request, which must be filed early.
IRS taxes are calculated on a sliding scale, with higher incomes
commiserate with higher IRS tax brackets. Though the exact tables
change yearly, simply put, the more you earn, the more you pay. For
those paid hourly wages or earning a salary, estimated taxes are
taken from each paycheck. At the end of the year one may get a
refund for overpayment, or be required to pay more tax if an
insufficient amount was deducted throughout the year.
A savings certificate entitling the bearer to receive interest. A
CD bears a maturity date, a specified fixed interest rate and can
be issued in any denomination. CDs are generally issued by
commercial banks and are insured by the FDIC. The term of a CD
generally ranges from one month to five years
A certificate of deposit is a promissory note issued by a bank. It
is a time deposit that restricts holders from withdrawing funds on
demand. Although it is still possible to withdraw the money, this
action will often incur a penalty.
For example, let's say that you purchase a $10,000 CD with an
interest rate of 5% compounded annually and a term of one year. At
year's end, the CD will have grown to $10,500 ($10,000 * 1.05).
CDs of less than $100,000 are called "small CDs"; CDs for more than
$100,000 are called "large CDs" or "jumbo CDs". Almost all large
CDs, as well as some small CDs, are negotiable..
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