Building Blocks
Food, water, and shelter are all __ __.
Basic Needs
Standard OT pay is __.
1.5 x your hourly pay
What are assets?
Money or items of value
What does IRS stand for?
Internal Revenue Service
W4, I9, W2, 1040 are __.
Employee Forms
New shoes, new iPhone, tesla are all __.
Wants
Your hourly pay is __.
Wage
An employer funded retirement plan is a __.
Pension
Mandatory Deductions vs. Voluntary Deductions
SS tax, state tax, federal income tax. vs. Insurence, retirement plans, unions
What is a W4?
Filled out by the employee when first employed.
Short Term and Long Term Goals.
Short term is less than 1 year. Long term is more than 5 years.
Your annual pay is __.
Salary
What is a benefit?
Outside forms of pay other than the core 4.
FICA Deductions
Social security and medicare deductions
What is an I9?
Proves that you are eligible to work in the US.
What does S.M.A.R.T stand for?
Specific. Measurable. Attainable. Realistic. Time-Bound.
A fixed pay for a person or group for completing a service.
Commission
A retirement plan set by the company. Money comes from your gross pay. Can roll into a Roth IRA if jobs are switched.
401k
Tax Avoidence vs. Tax Evasion
Taking legal, drastic steps to claim as many deductions as possible. vs. Lying about income or deductions to avoid paying taxes.
What is a W2?
The amount of taxes you paid and income you earned filled out by your employer.
Make this a smart goal. I want to buy a PS5.
What you want and for how much. When you are going to get it. How are you going to get it.
Billy earns $7.25 an hour as a pilot. He worked 52 hours this week flying from NY to China 3.15151515152 times. What is his gross pay?
$420.50
An individual-funded retirement plan in which you set aside money from your income after tax. Earns interest as soon as you deposit. Withdrawals after 59 are tax-free.
Who is Roth IRA ☝🤓
Excise Tax
The government makes money off of things they want to restrict the consumer from buying. Soda, alcohol, tobacco.
What is a 1040?
Deductions filled out to earn tax return.