Income
Name 3 ways you can generate income?
Subjective answers.
Why is having a budget so important?
Subjective Answers.
What are two idea to save for a goal?
■Create the goal
■Create a goal poster
■Create a savings plan
■Create milestones
■Follow through
■Do it together
Name one website you can see your credit score at.
What is an emergency fund?
Money saved up for an emergency or unplanned event.
What is the difference between Gross and Net Income?
Gross income refers to an individual's total earnings or pre-tax earnings, and NI refers to the difference after factoring deductions and taxes into gross income. To calculate taxable income, which is the figure used by the Internal Revenue Service to determine income tax, taxpayers subtract deductions from gross income. The difference between taxable income and income tax is an individual's NI.
What is a mortgage?
Money given by a lender (bank) for someone to buy a house.
What are two tips to save money?
■Eliminate Your Debt. ...
■Set Savings Goals. ...
■Pay Yourself First. ...
■Stop Smoking. ...
■Take a "Staycation" ...
■Spend to Save. ...
■Utility Savings. ...
■Pack Your Lunch.
■Cerate an Interest Bearing Account
■Annualize Your Spending
What is a brick and mortar business you can do your taxes at?
•Jacskon Hewitt
•AARP
•National Association of Tax Professionals
•Intuit
•KPMG
What is a credit score?
A number that provides am estimate of an individual's creditworthiness based on an analysis of their credit report.
What are the three types of income?
Fixed, Variable and Occaisional
What is the 50/30/20 rule?
•50% goes to ESSENTIAL spending
•30% goes to FLEXIBLE spending
•20% goes to FINANCIAL goals
For retirement, you should plan to save hoe many times your final salary?
10x
What's two of the three ways you can file your taxes?
•Fill out IRS Form 1040 or Form 1040-SR by hand and mail it in
•Use tax software and file taxes online
•Hire a human tax preparer to do the work of filing taxes
DOUBLE JEOPARDY: What is a savings bond?
Debt securities issued by the US Dept. of Treasury to help pay for the US's borrowing needs and considered one of the safest investments as they are backed in full faith by the US government.
What are three types of employments?
§Full-Time Employees. These employees normally work a 30- to 40-hour week or 130 hours in a calendar month by IRS standards. ...
§Part-Time Employees. ...
§Temporary Employees. ...
§Seasonal Employees. ...
§Types of Independent Contractors. ...
§Freelancers. ...
§Temporary workers. ...
§Consultants.
What is an example of a good debt and a bad debt?
GOOD DEBTS
§Mortgages
§Student Loans
BAD DEBTS
§Credit Card
§Medical
§Personal Loans
§Car Loans
How do you set up a savings account?
■Compare your options. There are many financial institutions that offer savings accounts. ...
■Gather required documents. ...
■Choose a joint or individual account. ...
■Fund your account. ...
■Submit your application. ...
■Set up online banking. ...
■Interest rate. ...
■Fees.
If your credit score is below average, name a score in this range.
620-679
What are three types of deposits?
¡Cash
-Debit Card
-Wire Transfer
-Check
-Money Order
-Direct Deposit
What are three types of compensation?
§Salary wages. If an employee earns a salary, they receive a fixed, regular payment per year. ...
§EXEMPT vs NON EXEMPT
§Hourly wages. ...
§Overtime wages. ...
§Retroactive pay. ...
§Commissions. ...
§Bonus pay. ...
§Severance pay. ...
§Accrued time off pay.
DOUBLE JEOPARDY: What are three ways to get out of debt?
§Pay more than the minimum payment. Go through your budget and decide how much extra you can put toward your debt. ...
§Try the debt snowball. ...
§Refinance debt. ...
§Commit windfalls to debt. ...
§Settle for less than you owe.
What are two parts of the compound interest formula?
- Account
- Principle
- Interest Rate
- Time
- # of times interest is compounded
What are three things you need to have ready to file your taxes?
•Social Security documents.
•Income statements such as W-2s and MISC-1099s.
•Tax forms that report other types of income, such as Schedule K-1 for trusts, partnership and S corporations.
•Tax deduction records.
•Expense receipts.
Name 4 people in this class by first name
.