Taxes
Income after all adjustments have been made.
What is Adjusted Gross Income?
Total wages before deductions are taken.
What is gross pay?
The process of managing one's money to achieve personal economic satisfacation.
What is personal financial planning?
Assets that can easily be coverted to cash.
What are liquid assets?
The federal tax imposed on the value of a person's property at the time of their death.
What is an estate tax?
Amount subtracted from adjusted gross income to arrive at a taxable income.
What is a Deduction?
(Standard or Itemized)
Wages after all deductions have been taken.
What is net pay?
What is given up when one chooses something else, often referred to as a trade off.
What is an opportuntity cost?
The actual inflow/outflow of money during a given period of time.
What is cash flow?
Income that will be taxed at a later date, such as an investment in a retirement account.
What is tax-deferred income?
A computation that is used to calculate tax on the last, and next, dollar of taxable income.
What is the Marginal Tax Rate?
What are Year-to-Date items?
The amount to which saved money will grow based on interestrates and time saved.
What is future value of money?
Spending plan
What is a budget?
Employee's Withholding Cerfificate
What is the W4?
The deadline for filing one's federal income tax return.
Mandatory federal deductions from one's pay.
What are federal income taxes, Social Security taxes, and Medicare taxes?
The 3 main money management components.
What are financial documents, financial statements and budgeting?
Expenses that are the same for each payment.
What are fixed expenses?
The tax document that is provided by one's employer listing all wages and taxes withheld from one's pay for the previous year.
What is the W2 or Wage & Tax Statement?
The basic form that all individuals must use to file their Federal Income Tax.
What is Form 1040?
The time frame for which an individual is paid.
What is a pay period?
Goals that are written as SMART goals are said to be __.
What is specific, measurable, action-oriented, realistic, and time-based?
Tax levied on automobiles, boats, farm equipment, etc.
What are personal property taxes?
Expenses that differ in payment.
What are variable expenses?