Everfi Module 2 - Employment and Taxes

Which of the following statements is true about taxes? 1. Taxes pay for schools and government departments. 2. Taxes pay for roads and emergency services. 3. Taxes are often used at the federal, state, and local levels. 4. All of the above

4. All of the above

For most careers, which degree will most likely result in the highest lifetime earnings?

Bachelor's Degree

What do you need in order to fill out your 1040? A. Your W-2 B. Your routing and bank account number C. A record of any other supplemental income D. All of the above

D. All of the above

All of the following may be a part of your benefits package available from your employer, except: - disability insurance - matching contributions to a retirement account - FICA - healthcare insurance

FICA

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called

Net pay

Which of the following is NOT a possible tax or deduction that could come out of your paycheck? - FICA - Overtime pay - Federal income tax - Contributions to retirement savings

Overtime pay

True or False: Generally, the more education you receive, the higher your lifetime earnings will be.

True

Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.

W-2

What do taxes pay for?

Schools, government departments, roads, and emergency services

Which of the following is a possible tax or deduction that they may show up on your paycheck? a. Federal income tax b. Contributions to retirement savings c. FICA d. All of the above

d. All of the above

The ___________ is a flexible market that allows you to work short-term, independent jobs.

gig economy

The W-2 form is a form that tells you _______.

how much taxes you've paid in the last year based on how much you've earned.

True or False: There is no relationship between the level of education received and lifetime earnings.

False

True or False: When considering a job offer, you should only consider how much you're being paid before you accept the offer.

False

The gig economy offers ________.

Flexible, short-term, and independent jobs.

Which of the following is NOT considered part of your benefits package available from your employer? - Free technology equipment - Disability Insurance - Paid time off - Healthcare insurance

Free technology equipment

Which of the following is NOT a possible tax or deduction that could show up on your paycheck? - State income tax - Contributions to retirement savings - FICA - Sales tax

Sales tax

When you start a new job, you fill out a W-4 form to _________.

When you start a new job, you fill out a W-4 form to _________.

What do you NOT need in order to fill out your 1040?

Your employer benefits documentation

Net pay is NOT ________.

Your gross pay plus any bonuses.