Tax Forms
Form used to file taxes with the government
What is the 1040
The amount of money a person EARNS (listed on their paystub_
What is Gross Pay
Acronym used for goals that are more likely to become a reality.
What is SMART?
Age the brain is fully developed
What is 25 years?
Grab your Umrella! It's not a matter of if, but when you'll need this ($)
What is an Emergency Fund?
IRS tax form used in the US to report wages paid to employees and the taxes withheld from them
What is the W2
Income AFTER deductions
What is NET Pay
What are the 2 key attributes of our goal setting acronym are addressed in this goal:
"I WILL SAVE $500"
What is: Specific and Measureable?
Part of the brain that develops first
What is the Limbic System?
Character trait necessary for saving and wealth building. Not something you can pick up at the Dollar General.
What is Delayed Gratification?
A collection of forms used while filing taxes to report income that typically didn't come from an employer (hint: you worked through a lot of them on your Everfi Tax Simulation)
What is the 1099
Taxes used to pay for MEDICARE and SOCIAL SECURITY
What is FICA
When setting goals, remembering your ____________ gives it sticking power.
What is WHY?
Laymans terms for a pattern or behavior ingrained within neural pathways.
What is a habit?
It is important to save for the present and your future. Your employer can help with this
What is a 401K
Two forms completed by employee during onboarding (at time of hire)
What is the I9 and the W4
Money taken from Paycheck for things like taxes, insurance, and retirement.
What is Deductions
What is Time Bound?
Reward center of the brain: Don't get so EMOTIONAL.
What is Limbic System?
Maxine, never throw away free money from your boss! Take full advantage, ALWAYS
What is Max the Match!
Lowers your taxable income, this means you pay taxes on a smaller amount of income ($$$)
What is a deduction
Budgeting/ Saving Strategy implemented when paycheck is deposited BY EMPLOYER into your savings account.
What is: Automate your savings?
A SMART goal is made up of a bunch of these
What is: Action Steps?
Prefrontal Cortex controls this function
What is EXECUTIVE?
A teenager is claimed on their parent's taxes as a
What is a dependant?