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Long Term Goals are more than…
5 years
Short Term Goals are less than…
2 years
Intermediate goals are in between…
2 to 5 years
What does the S in SMART goals in stand for?
Specific
What does the M in SMART goals in stand for?
Measurable
What does the A in SMART goals in stand for?
Attainable
What does the R in SMART goals in stand for?
Realistic
What does the T in SMART goals in stand for?
Time limited
Step #1 for the decision making process
Identify the problem or goal
Step #2 for the decision making process
Establish choices
Step #3 for the decision making process
Weigh pros and cons
Step #4 for the decision making process
Make a decision
Step #5 for the decision making process
Evaluate results
What is opportunity cost?
What a person gives up when a decision is made; also called trade off
What is gross pay/income?
The amount you get paid before taxes
What is net pay?
The amount you get paid after taxes
What is a withholding?
The amount of Federal income tax withheld from your paycheck
What is benefits?
Perks beyond what employees earn in basic wages
What is a W-4 form?
A form that tells employers how much taxes to withhold
What is W-2 form?
A form that reports your income
What is 1099 form?
Reports income that taxes haven’t been withheld from a contract
What is a 1040 form?
A tax filing form
What is a progressive tax table?
It is based on your income
When is the tax filing deadline?
April 15th
What is a dependent?
Relies on someone else for financial support
What is a deduction?
Something that lowers taxable income
Note
Flashcard