Anyone who’s read the news in recent years has been aware of the rising numbers of home foreclosures. Job losses, often followed by underemployment, resulting in lower wages, have made a number of individuals unable to pay their existing mortgages.

It’s a trend that has unfortunately touched homeowners in all communities, including the Baltimore Jewish one. But just because it may be difficult to pay an existing mortgage, doesn’t mean one has to lose one’s home.

In 2009, CHAI: Comprehensive Housing Assistance, Inc., an agency of The Associated Jewish Community Federation of Baltimore, introduced its Foreclosure Prevention Initiative, which was initially funded by a grant from Baltimore City. In the four years since its inception, CHAI has assisted more than 600 households with in-person counseling, telephone counseling, and referrals.

Getting a New Job – Some Tax Pointers

So you got a new job! Mazal tov! After the initial jumping up and down, realize that you are not done yet. Here are some issues to ponder before you finalize your pay package.

The Basics: Tax Brackets

People have asked me whether earning a little too much could get them pushed into a higher tax bracket, leaving them with less take-home pay. They wonder if it would therefore not be more profitable to earn somewhat less. The answer is no. You want to earn more money. Here is the mechanics of it: While it is true that as you make more money, you move into a higher tax bracket – meaning that you must pay a higher percentage of your income for taxes – it is only that portion of your income that exceeds the lower bracket limit that is subject to the higher tax. For example, when your taxable income goes over $70,000, your rate increases from 15% to 25%.  Say you earn $80,000. Only $10,000, the amount of your income over $70,000, will be taxed at 25%. The first $70,000 remains at the 15% bracket. This is called graduated tax brackets and is fundamental to our income tax system. Without this concept, if a person’s income goes up by one dollar, it would cause his taxes to increase by thousands. This does not happen, but the rumor persists. So, if someone is offering you a raise, take it!