Essay about Personal Finance

1262 WordsMay 23, 20136 Pages
Assignment 2: Financial Planning (25.0 points) 1. Describe one short-term goal that you have and at least one thing you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points) One short-term goal that I have is to graduate from high school. I will need to do all of my work and do my best in all of my classes to accomplish that goal. 2. Describe one long-term goal that you have and at least two things you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points) My long-term goal is to go to college. I will need to finish high school with good grades. I will also need to prepare a plan to pay for the college of my choice. 3. Describe two of your long-term financial goals, and…show more content…
TIP: This is the amount from question 7b above. ii. This employer was Jessie's only source of income. iii. Jessie had no taxable interest. iv. Jessie was not an Alaska resident. v. Jessie has no spouse and can't be claimed as a dependent by someone else. b. Fill out the Payments, Credits, and Tax section of the 1040EZ form using the following information: i. The federal income tax withholding information from Jessie's W-2 form. TIP: This is the amount from question 7c above. Social Security tax and Medicare tax are not important to the 1040EZ form. ii. Jessie can't be claimed as a dependent by anyone else. iii. Jessie is not claiming the Earned Income Credit. iv. Jessie is not a member of the U.S. Armed Forces who served in a combat zone. v. Use the Example_Instructions_1040EZ's tax table on pages 27-35 to find the amount that Jessie Robinson owes. TIP: The Example_Instructions_1040EZ is in your Section_2 folder. c. Fill out the Refund section by performing the calculations if the IRS owes Jessie Robinson money. Do not fill out the bank account information section. d. Fill out the Amount You Owe section if Jessie owes the IRS money. e. Do not fill out the Third Party Designee Section, the Sign Here section, or the Paid Preparer's Use Only Section. f. Click the File menu, and then click Save so that your work is saved. 10. Describe at least two common types of variable expenses that

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