Intro
A goal that is specific, measurable, realistic, time-bound
What is a SMRT goal?
The amount of earnings before payroll deductions
What is Gross Income?
Forms of pay other than salary or wages
What are Benefits?
Tax deductions that are required by the government
What are Mandatory Deductions?
Forms for taxpayers and tax-exempt organizations to report financial information.
What are Tax Forms?
This goal is achieved within 1-5 years
What is Middle Goal?
Your gross income minus payroll deductions.
What is Net Income?
The age that you must be in order to withdraw a 401(k)
What is 59 1/2 years old?
Used to fund the State Government
What is State Income Tax?
The employee must fill this out. You can claim dependence (Lowers taxes by $2000 per child). Shows your taxable income.
What is W4?
Different needs for different consumers
What are consumer needs?
Employees that work more than 40 hours in a week
What is Overtime Pay?
Employer funded plan. The employee receives regular payments in retirement.
What is Pension?
Money put into retirement plan, gifts up to 17k per year.
What is Non-taxable?
The employer must fill this out, it is sent to you. Essentially a receipt of what money was taken from you throughout the year.
What is W2?
Something you desire or something you would like to have or do
What is wants?
Pay expressed annually or monthly
What is a Salary?
Retirement savings plan sponsored by an employer
What is 401(k)?
Taxes required on specific goods or services like fuel, tobacco, and alcohol.
What are Excise Taxes?
The employee must fill this out. Verifies that you are legally allowed to work in the United States.
What is I9?
Someone who can evaluate your spending habits, help you to achieve goals, and increase health
Who is a Financial Planner?
A set fee or percentage of a sale paid to a salesperson instead of or in addition to a salary or wage
An individual retirement plan, person to set aside after-tax income up to a specified amount each year.
What is Roth IRA?
Failing to declare all income or falsifying deductions, adjustments, or credits.
What is Tax Evasion?
The employee must fill this out, this is the standard tax form and it must be completed by sometime in April, otherwise known as tax season. Claim legitimate tax deduction.
What is 1040?