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.
