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GLOSSARY
Wall Street Journal prime rate
The wavering interest rate as posted daily in the Wall Street Journal which is derived from several banks to arrive at its number.
Warehouse lending
Warehouse lending is the practice of offering revolving credit to loan originators, who draw money to fund mortgage loans. The originator repays those funds when the mortgage is sold on the secondary market.
Warranty
A warranty is a guarantee made by a manufacturer or reseller that a product sold will perform as stated. Warranties will specify conditions under which the manufacturer or reseller will make repairs or cover the cost of necessary repairs, should the product not perform as promised.
Warranty deed
See quitclaim deed.
Wash sale
When shares of a fund are sold at a loss and shares of the same security are purchased within 30 days before or after. You cannot deduct losses from a wash sale.
Wealth management
Wealth management is a comprehensive planning service that incorporates all aspects of personal finance, such as tax planning, estate planning, investment planning, legal planning, etc.
Wellness program
Wealth management is a comprehensive planning service that incorporates all aspects of personal finance, such as tax planning, estate planning, investment planning, legal planning, etc.
White collar
White collar describes the class of employees who perform intellectual work rather than manual labor. White collar workers usually earn higher salaries, but this distinction has become less pronounced over time.
Will
A will is a legally binding document in which an individual specifies how he would like his property distributed after his death. The will can also specify a guardian for dependents and an executor for the estate.
Will variation
Will variation is the right of a decedent's spouse and children to contest the decedent's will. The spouse and/or children must make the argument that the decedent's will doesn't adequately provide for them. It's rare that contesting a will actually results in someone getting a larger share of the estate.
With approved credit - WAC
With approved credit, or WAC, is a condition placed on a sale transaction that requires the buyer to have sufficient credit. A company that leases equipment, for example, would run a credit check prior to executing to ensure that the lessee meets minimum credit requirements.
Withdrawal plan
Withdrawal plan is a service offered by some mutual fund accounts. An individual who signs up for a withdrawal plan will receive periodic income payments out of her account. Withdrawal plans are often used to create a regular stream of retirement income.
Withholding
Withholding is a method of paying taxes, where funds are automatically deducted from wages. Withheld funds are sent directly to the taxing authority, and counted as partial payment towards the individual's tax liability for that year.
Withholding allowance
Withholding allowance is a value that a taxpayer claims on the IRS W-4 Form. The allowance value, in part, determines how much money is withheld from the taxpayer's earnings. A higher allowance means a lesser withholding rate. Typically, a taxpayer can claim one allowance for herself, one for her spouse, and one for each dependent.
Withholding tax
Withholding tax is the amount of money that's taken out of an employee's wages and sent directly to a taxing authority. These withheld amounts count as partial payment toward the taxpayer's tax liability for the year. Withholding tax can also be an assessment charged against a non-resident's investment and income.