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You borrow money to buy a house in 2006 at a variable interest rate of 6.5%. Your interest rate is always 2% more than the rate of inflation. By 2009, the inflation rate has risen to 8.5%. Considering only your mortgage, is inflation good news or bad news for you?
FICA-OASDI
Federal Insurance Contributions Act - Old Age, Survivors And Disability Insurance, a U.S. payroll tax funding Social Security and Medicare.
Maximum Earnings Limit
The upper threshold of income that can be taxed for specific purposes, such as Social Security, beyond which no additional taxes are levied on income.
FICA Taxes
Federal taxes in the United States that fund Social Security and Medicare, required to be withheld from employees' paychecks and also paid by employers.
Allowances
Amounts set aside for adjustments or reductions in the value of accounts or inventories, often for potential bad debts or depreciation.
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