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on the radio with Paul Petillo
Join Paul Petillo, Dave Kittredge and Dave Ng every week on Financial Impact Factor Radio as they to discuss everything from retirement to insurance, investing to estate planning, from getting started to preparing to stop.
books by Paul Petillo
I just published my fifth book - this time with Smashwords! ReBuilding Wealth in a Paycheck-to-Paycheck World by Paul Petillo, copyright 2011 This ebook is available across all platforms including iPad and iPhone, Amazon and Sony.
on personal finance
In the world of personal finance, asking what's the worst that could happen is not the same as asking: "will I be able to afford this?" or "have I saved enough for retirement?"
More personal finance
on retirement
The Who, What, When, Where and Why of Retirement
If things are good, for some they won't be good enough. If it turns out that things are not so good, someone will ultimately benefit for this off-chance negativity.
More on retirement planning
on mortgages
American dream or not, the games you may have once played with financing your home are not available for the vast majority of homeowners.
More on mortgages and homes
on insurance
Insurance : Life, Health, Auto, Home
Is the insurance industry the next victim of the financial crisis?
Health Channel
on investing
The mutual fund investor has a great many more options available to them in the post-Great Recession marketplace. The question is: are they right for you as you make a retirement plan using 401(k)s or IRAs?
More on investing
on twitter @PaulPetillo
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Zack's Investment Tools: Stock Screener or Mutual Fund Screener
Calculators
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Our recent financial discussions
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on your financial knowledge
"Every choice you make has an end result" - Zig Ziglar
7. Your take home pay from your job is less than the total amount you earn. Which of the following best describes what is taken out of your total pay?
a.) Social security and Medicare contributions.
b.) Federal income tax, property tax, and Medicare and social security contributions.
c.) Federal income tax, social security and Medicare contributions. These deductions cannot be avoided. They can be altered in numerous ways. If oyu are receiving a refund every year from overpaying your taxes, you need to adjust how your deductions are withdrawn. Chances are you could use that money now. With the average tax refund hitting $2,500, this is becoming a real problem.
Visit your payroll, personnel or human resource department and ask them for a W-4. Do the best you can at estimating your deductions so the government gets only what they have coming and not a dime more.
Your 401(k) plan withdraws money before these taxes are assessed and in many instances, lowers your overall taxable income without affecting your take home pay. You may have to tweak the percentage, but you can normally save about five percent (often more) of your pre-tax income this way.
d.) Federal income tax, sales tax, and social security contribution.
back to the quiz
bluecollardollar: from the blogYour 401(k): Keeping up with the Jones'
bluecollardollar: resources
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