Intro
S in Smart Goals
Specific
What is gross pay
Amount of earnings before deductions
What is benefit?
Forms of pay other than salary or wages, increases value of a job
Voluntary deductions
Donations, employee benefits, savings, retirement
What is an employee form
Standarized document used by companies to gather essential details about their employees
How long is a long term goal?
5+ years
What is Net Pay
Take home pay. Gross pay-deductions
401k
Retirement plan sponsered by employer. Emplyees contribute pre-paid tax dollars into the fund to be invested in financial markets.
Mandatory deductions
Fed. income tax, state income tax, social security, medicare
W-4
Determines percentage of gross pay which will be withheld from taxes. Use this form to claim dependents.
How long is a med. term goal?
2-5 years
What is wage
Hourly pay
Roth IRA
Induvidual retirement plan. Contribute after tax dollars.
Tax avoidance
Reducing taxes by claiming legit adjustments, tatx deductions, or credits
i-9
Proves that you are eligable to work in the US. Filled out first day of a new job.
What is the A in Smat Goals
Attainable
What is minimum wage
Lowest pay rate allowed by law for each hour worked
Pension
Employer funded plan, employee recieves regular monthly payments during retirement.
Tax evasion
Failing to declare all income or falsifying deductions
W-2
Filled out by employer, shows taxable income
What do all letters in smart goals mean?
S= Specific
M= Measurable
A= Attainable
R= Relevant
T= Time bound
What is commission
Money made off a sale
When can you take retirement money out?
59 1/2
Why do we pay taxes?
To provide revenue for federal, local, and state govts. to fund essential services
1040
Form that induvidual tax payers use to file their annual income tax returns