Pre-tax: when a deduction is taken out of your gross pay reducing the amount of pay that is taxed Post-tax: when money is spent out of your net pay so that the tax burden does not change Deductions are either mandatory or voluntary. Mandatory deductions are ones that are required by law and include federal, state, and local taxes, and FICA. Many employers also offer benefits that are voluntary and include life and health insurance, retirement accounts, and flexible spending accounts. Whether these deductions are pre-tax or post-tax depends on whether the deduction occurs before or after the tax amount is calculated. 1) Look back at the four financial goals you wrote in the first part of this course. Are these goals related to saving, spending, or investing? Be sure to answer this question for each of the four goals. 2) Would you be able to accomplish any of these goals using deductions in your paycheck? Are they pre-tax or post-tax deductions? Answer this question in at least 2 sentences. 3) How would you adjust or rewrite your goals to take advantage of pre-tax savings? When answering this question, please explain why you think the adjustment is necessary, or, if you would not change the goal, explain why it is fine as is. Remember, you are relating these goals to taxes Answer this question in 2-3 sentences