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GLOSSARY
Sandwich lease
A sandwich lease is a property use arrangement between a lessee and property owner, where the lessee subleases the property to a third party.
SARSEP IRA
A SARSEP IRA is an outdated form of IRA that was offered by small companies for the benefit of their employees. Employees made pretax contributions to the SARSEP IRA through paycheck deductions. SARSEPS were replaced by SIMPLE IRAs in the 1990s.
Satisfaction of a mortgage
A document provided by the lender as evidence that the loan has been paid off. Usually, it is up to the borrower to remove the lien from the public record.
Satisfaction of debt
Satisfaction of debt is the fulfillment of an obligation to repay borrowed money.
Savings
Savings is the amount of one's income that remains after expenses are deducted.
Savings account
Savings account is a bank or credit union deposit that earns interest and can be withdrawn on demand.
Savings and Loan Association
A state or federally-chartered financial institution that was a primary a provider of home mortgages by using depositor's savings as financial backing.
Savings bank
Savings bank is a financial institution that accepts consumer deposits and pays interest on those deposits.
Savings incentive match plan for employees
Savings incentive match plan for employees is a type of tax-advantaged retirement plan offered by employers that have fewer than 100 employees. More commonly known by the acronym SIMPLE, these plans are available as IRAs or 401(k)s.
Schedule A
Schedule A is an income tax form used by U.S. taxpayers who itemize their deductions. Taxpayers are allowed the option of taking a standard deduction, or calculating their deductions by itemizing certain expenses. Only those taxpayers who itemize their deductions need to complete Schedule A.
Schedule D
Schedule D is an income tax form used by U.S. taxpayers who incur realized, taxable capital gains or losses during the tax year.
Scheduled recast
A scheduled recast is a planned restructure of a mortgage loan's payment structure. An interest-only mortgage, for example, may have a scheduled recast. This would be the date the mortgage converts from interest-only to fully amortizing. On that date, the outstanding debt balance is used to calculate the payment amount required so that the mortgage will be fully paid off at maturity.
Schedules
Schedules, in general, are forms intended for information reporting. The term is also used in reference to certain IRS tax forms.
Schematic designs
The structural plans for a building's mechanical, plumbing, and electrical systems.
Schumer Box
Schumer Box is an information table that's included with credit card solicitations; the box specifies the card's interest rates and important terms. The rate must be listed in 18-point type or larger, while the other terms must be at least 12-point type. Senator Chuck Schumer authored the legislation that requires card issuers to provide this information.