I wore a long sleeved shirt with jeans and sneakers today. How on earth is that formal? Some people really have no clue how dress codes work.
Here's a quick guide in ascending order.
Casual: we all know what casual is.
Smart Casual: collared shirt, at the very least jeans without any fading or rips and shoes.
Business casual: long sleeved shirt, dress pants and dress shoes. With or without a tie. With a sports coat or blazer in colder climates.
Business formal: suit, tie and dress shoes.
Black tie formal: tuxedo with a black bow tie, cummerbund or waistcoat, patent leather shoes.
White tie formal: tailcoat, white bow tie, waistcoat, patent leather shoes.