Class 1: W-2 EMPLOYMENT

• What key items should you negotiate and question when you take on a new job?  
• What are the different pay periods (weekly, bi-weekly, semi-monthly, monthly). 
• What is form W-4? How to set up exemptions and payroll deductions,
• What is the difference between an Exempt and Non-Exempt employee? What state rules prevent overtime abuse. 
• How to read a paystub and understand deductions? Period vs. Year to Date
• What are pre-tax contributions?  i.e., health insurance premiums, retirement savings, transit pass, Health Savings Accounts.
• 401K fundamentals, what is a match? what is vesting? How important is participation?
• Unemployment Insurance, Disability Insurance, and Paid Family Medical Leave insurance. 
• Worker’s compensation and payroll classifications – critical information for employers
• W-2– how to read statements and the difference between Social Security/Medicare wages and Federal Taxable wages.
• Cap on Social Security deductions.

Class 2:   INDEPENDENT CONTRACTOR EMPLOYMENT

• REVIEW HOMEWORK – Maria’s W-2
• What is an independent contractor?  What tests does the IRS use to determine if a person to be an independent contractor.
• Understanding the reporting obligations when you hire independent contractors? 
• What are the Self-Employment taxes you need to pay as an independent contractor? 
• What is form 1099?  When must an employer send a 1099?  Who gets a copy.
• Review of Schedule C for independent contractors

Class 3: PREPARING A BUDGET AND FORECASTING FOR THE FUTURE

• Preparing an ANNUAL personal cash budget,
• Projecting sources and uses of funds, looking back, projecting forward.
• Understanding seasonal fluctuations in cash needs. 
• Making a budget system that can be maintained.
• Tips to gathering information to ease the process of preparing your budget.

Class 4: PREPARING A PERSONAL FINANCIAL STATEMENT

• What is an Asset? different ways of evaluating assets (cost, market, depreciated basis)
• What is a Liability?
• What makes either an Asset or a Liability “Current”?
• How to list Assets and Liabilities on a Personal Financial Statement
• What is Net Worth – tracking wealth and change from year to year
• How does a PFS differ from a business Balance Sheet?

Class 5: HOW TO IMPROVE YOUR CREDIT AND APPLYING FOR LOANS

• How to obtain a free complete credit report and understand it. 
• What factors influence your credit score and tricks to improve?
• What goes into a bank loan application? 
• What is credit utilization?
• What is a debt/income ratio, – potential discussion of applying for a mortgage –
• How to increase your chances of getting approved for financing?

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