How to Safeguard the Data on Your New Computer

 

Staten Island’s only community-based commercial bank reminds PC users to tighten security

  

If you are purchasing a new computer and are unsure about how to best protect your personal data, Victory State Bank suggests you follow the advice of the U.S. Department of Homeland Security.

The agency provides information on how to improve the security of your home computer, such as:

1. Connect to a Secure Network

2. Enable and Configure a Firewall

3. Install and Use Antivirus and Antispyware Software

4. Remove Unnecessary Software

5. Disable Nonessential Services

6. Modify Unnecessary Default Features

7. Operate Under the Principle of Least Privilege

8. Secure Your Web Browser

9. Apply Software Updates and Enable Future Automatic Updates

10. Use Good Security Practices

 

 

For details on each of the above tips, read Homeland Security’s “Ten Ways to Improve the Security” online at http://www.us-cert.gov/sites/default/files/publications/TenWaystoImproveNewComputerSecurity.pdf.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact:  

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Summer Job Gives Tax Lessons

 

Commercial Bank on Staten Island shares IRS view of students’ seasonal stint

 

STATEN ISLAND, N.Y. -- Many students take a job in the summer, and Victory State Bank encourages them to make it a financial learning experience, as well.

If it’s your first job, it gives you a chance to learn about the working world. That includes taxes we pay to support the place where we live, our state and our nation. Here are eight things the IRS says students should know about taxes:

 

  • Don’t be surprised when your employer withholds taxes from your pay. That’s how your taxes are paid when you’re an employee. If you’re self-employed, you may have to pay estimated taxes directly to the IRS on certain dates during the year. This is how the pay-as-you-go tax system works. 
  • As a new employee, you’ll need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Your employer will use it to figure how much federal income tax to withhold from your pay. The IRS has a withholding calculator at IRS.gov to help with filling out the form.  
  • Keep in mind that all income from tips is taxable. If you get tips, you must keep a daily log so you can report them. You must report $20 or more in cash tips in any one month to your employer. And you must report all of your yearly tips on your tax return.
  • Money you earn doing work for others is taxable. Some work you do may count as self-employment. This can include jobs like baby-sitting and lawn mowing. Keep good records of expenses related to your work. You may be able to deduct (subtract) those costs from your income on your tax return. A deduction may help lower your taxes.
  • If you’re in ROTC, your active-duty pay, such as pay you for summer training, is taxable. A subsistence allowance you get while in advanced training isn’t taxable.
  • You may not earn enough from your summer job to owe income tax. But your employer usually must withhold social Security and Medicare taxes from your pay. If you’re self-employed, you may have to pay them yourself. They count toward your coverage under the Social Security system.
  • If you’re a newspaper carrier or distributor, special rules apply. If you meet certain conditions, you’re considered self-employed. If you don’t meet those conditions and are under age 18, you are usually exempt from Social Security and Medicare taxes. 
  • You may not earn enough money from your summer job to be required to file a tax return. Even if that’s true, you may still want to file. For example, if your employer withheld income tax from your pay, you’ll have to file a return to get your taxes refunded. You can prepare and e-file your tax return for free using IRS Free File. It’s available exclusively at IRS.gov.

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

 

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

Spending Flows More Freely

 

Staten Island Commercial Bank cites income increases as bullish indicator

 



STATEN ISLAND, N.Y. -- Americans are earning more and have more spending power, according to the latest government figures, which also show some loosening of the purse strings.


In May, both personal income and disposable personal income increased by the same amount, 0.4 percent, the federal Bureau of Economic Analysis found.

Purchases of durable goods increased 1 percent. Purchases of motor vehicles and parts accounted for more than half of May's increase.

Decreases, however, were found among purchases of nondurable goods and of services.


Personal consumption expenditures rose 0.2 percent.

                  

While the monthly percentages may seem small at first glance, they represent double-digit billions of dollars.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Avoid Summertime Tax Scams

 

Staten Island Business Bank cites worst of the worst from IRS

 

STATEN ISLAND, N.Y. -- Warm days, rest and recreation aren't the only attributes of summer.  Victory State Bank has found that so are tax scams.

The IRS reports that thieves don’t stop victimizing unsuspecting taxpayers with their duplicity after April 15. Identity theft, phone and phishing scams happen year-round.

Those three top the IRS’s ‘Dirty Dozen’ list of tax scams this year. Here are IRS warnings about these common tax scams:

 
Identity Theft.  Identity thieves steal personal and financial information to commit fraud or other crimes. This can include your Social Security number or bank information. An identity thief may file a phony tax return to claim a fraudulent refund.                       

The IRS has a special identity-protection page at 
IRS.gov.  It has resources to use for reducing the risk of becoming a victim. The page can also advise what steps to take if you are a victim of identity theft and need help. This includes how and when to contact the IRS Identity Protection Specialized Unit.

Phone Scams.  In these scams, thieves pose as the IRS and call would-be victims with one goal in mind: to steal money. Callers will tell you that you owe taxes and demand immediate payment. They will tell you that you must pay the bogus tax bill with a pre-loaded debit card or wire transfer. The callers are often abusive and threaten arrest or deportation. They may know the last four digits of your Social Security number. They also rig caller ID to falsely show that the call is from the IRS.               

Keep in mind that if a person owes taxes, the IRS will first contact them by mail, not by phone. The IRS doesn’t ask for payment with a pre-paid debit card or wire transfer. If you owe, or think you might owe federal taxes and you get one of these calls, hang up. Call the IRS at 800-829-1040. The IRS will work with you to pay what you owe. If you don’t owe taxes, call and report the incident to the Treasury Inspector General for Tax Administration at 800-366-4484.

Phishing Scams.  Criminals use the IRS as bait in a phishing scam. Scammers typically send emails that purport to come from the IRS. They often lure their targets with a false promise of a refund or the threat of an audit. They may also set up a phony website that looks like the real IRS.gov. These phony sites often have the IRS seal and other graphics to make them appear official. Their goal is to get their victim to reveal personal and financial information. They use the information they get to steal identities and commit fraud.              

The IRS doesn’t contact people by email about their tax account. Nor does the agency use email, social media, texting or fax to initiate contact or ask for personal or financial information. If you get an email like this, do not click on a link or open any attachments. You should instead forward it to the IRS at 
This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online www.VictoryStateBank.com.

Media Contact:

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

  

Staten Island Business Bank Highlights Saving and Investing Considerations

 

Finding money to put into savings can seem difficult, but there are some strategies that can make it easier.

Victory State Bank suggests you start be by asking yourself the following questions offered by the Federal Deposit Insurance Corp. (FDIC):

 

1) Do I have savings goals?

Knowing how much you want to save and why can help you stick to a plan.

For example, if you have a young child, ask yourself if you plan to help pay for college. Research indicates that children who have a college savings fund are more likely to go to college than those who don’t. Start by looking at "529 plans" sponsored by your state (typically with cost and tax benefits for residents) and compare them to other 529 plan options.

2) How can I spend less?

 Review how much you spent in the last month and consider ways to cut back. "Start by reviewing recurring expenses — even small ones — and determine what you might be able to cut out, downgrade, or find a better deal on elsewhere," said Luke W. Reynolds, Chief of the FDIC's Outreach and Program Development Section.

Also try to pay less in interest. For example, if you have multiple loans, pay off the ones with the highest interest rates first. And, regularly reviewing your credit report and correcting errors (see Refinancing Loans: Not Just for Mortgages) can result in considerable savings on loans and insurance policies.

3) Do I have an emergency savings fund?

Financial experts generally recommend that you have at least six months of living expenses in a federally insured product, such as a savings account or a certificate of deposit (CD). The idea is to help you withstand a major reduction in income, such as from a job loss, or to pay for a major, unexpected home or car repair. To build your "rainy day fund," consider a combination of regular, automated deposits and any "windfalls" you receive, perhaps from a tax refund or a bonus at work.

4) Am I saving money on a regular basis?

"Automatic transfers into savings on a set schedule can help you save money before you spend it," said Bobbie Gray, an FDIC Supervisory Community Affairs Specialist.

5) How much investment risk am I willing to take?

Investments such as stocks, bonds and mutual funds can produce higher returns than bank deposits over many years, but you could also lose some or all of that money. (Remember, non-deposit investments are not insured by the FDIC against loss.)

In general, the longer you plan to keep money invested and the greater your tolerance for volatility, the more likely these investments can help you reach your targets.

6) Am I saving enough for retirement?

For many, the answer is "no" even when they think it is "yes." Options to save include workplace retirement plans, Individual Retirement Accounts (IRAs) offered by many banks and investment companies, and the U.S. Treasury Department's new "myRA" (MyRetirement Account) program.

The myRA account is a simple, safe and affordable retirement savings program that is backed by the U.S. government. Savers can open an account with as little as $25, there are no fees, the account will earn interest at a variable rate, and the investment is protected so the account balance will never go down. To learn more about myRA, go to myra.treasury.gov.

"Many working people can save considerably on their taxes through qualified retirement savings. And, if your employer offers a retirement savings program of any kind, find out whether it will match your investment contributions, and then don't lose out on any matches," Reynolds added.

To learn more about ways to save, see resources from more than 20 federal agencies, including the FDIC, at www.mymoney.gov.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited onlinehttp://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.