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 orderto accomplish that goal. (2-4 sentences. 1.0 points) A short-term goal I have set for myself is high school graduation. One thing I would need to graduate from high school is focus. I will need to focus on my studies and continue to work hard to complete all work needed to pass my courses.2. Describe one long-term goal that you have and at least two things you will need to do in orderto accomplish that goal. (2-4 sentences. 1.0 points) A long-term goal that I was not prepared for is raising my son to be a man. Two things I will need to accomplish this goal is an education and his father being a part of his life. I must learn to work for my family as well as be able to teach my son.3. Describe two of your long-term financial goals, and explain why these goals are important to you. List at least three steps that might help you accomplish this goal. (4-6 sentences. 2.0 points) Paying for my son to attend college and building a life outside of struggle. These goals must be accomplished by me finishing school, going on to college and maybe even starting my own business. I must set an appropriate example for my son to learn from someone who he believes in. Starting a family business to pass down to generations will be an excellent way to start financially planning now ahead of time. 4. Describe an example of a common financial resource, an expense, and a debt. These can beexamples from your own life or from other people you know or can imagine. (3-6 sentences. 3.0 points) Living in a family of mines, common financial resource is either government assisted or public security. An expense that I cannot escape now is the caring for of my son which will vary as he get older. Lastly a debt would be the over spending of credit cards with no money to pay itback as the interest rates climb.
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 inyour 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 you expect to have at some point in your life. (1-2 sentences. 1.0 points) Two common variable expenses that I expect to have so soon in my life is the welfare of my son and keeping myself fed and taken care of in the process. He will need plenty of clothes, diapers, wipes, and other things.11. Describe at least two non-discretionary expenses that you expect to have at some point in your life. (2-4 sentences. 1.0 points) Non-discretionary expenses include paying bills to have a roof over your head and food in your mouth. Two non-discretionary expenses in my life would be clothes to wear to school and groceries to eat.