For Each of the Following Types of Debt,please Indicate Whether

question 25

Essay

For each of the following types of debt,please indicate whether the debt is a)tax deductible and b)secured.
-First Mortgage
-Home Equity: Second mortgage line of credit.
-Credit Card Debt
-Credit Association Loan
-Bank Loan
-Pension Loan
-Insurance Loan
-Educational Loan
-Loan from Friends and Relatives
-Other Loans: Finance Company,Pawnbroker ,etc.

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Definitions:

Medicare

A federal health insurance program in the United States primarily for people aged 65 and older, as well as for some younger individuals with disabilities.

Unemployment Taxes

Taxes imposed on employers based on the employment and wages of employees, used to fund unemployment insurance benefits.

FICA Tax

Federal Insurance Contributions Act tax, which is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.

FUTA Tax

Federal Unemployment Tax Act tax, which is a payroll or employer tax paid to fund state workforce agencies.