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Employment & Taxes Module 2 Review - EVERFI Financial Literacy Flashcards | StudBud
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Employment & Taxes Module 2 Review - EVERFI Financial Literacy
Employment & Taxes Module 2 Review - EVERFI Financial Literacy
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Questions
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Answers
1
When preparing your taxes, what can possibly help reduce the amount of taxes that you owe?
credits and deductions
sharing what you earned on a W-2 or 1099 form
stock and savings interest
2
Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?
Restaurant tax
FICA
Federal income tax
3
Healthcare, paid time off, insurance, & contributions to retirement are all types of _____ available from an employer.
deductions
benefits
pensions
4
Generally, the more education you receive, the ________________ will be.
lower your electricity bill
lower your lifetime earnings
higher your lifetime earnings
5
Why is it necessary to have a W-2 or 1099 form when using tax preparation software?
they highlight job performance which can reduce your tax rate
they include passwords for tax preparation software
these forms report income which needs to be used to file taxes
6
You can update your W-4 form if you need to change your paycheck withholding.
True
False
7
When you start a new job, you fill out a W-4 form to _________.
determine how much your gross pay will be
determine how much tax your employer should withhold from your pay
avoid paying income taxes on your paychecks
8
What is the difference between gross and net pay?
Gross pay is BEFORE deductions; Net pay is AFTER deductions.
Gross pay is AFTER deductions; Net pay is BEFORE deductions.
Net pay is a salary and gross pay is from hourly wages.
9
Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?
state income tax
sales tax
contributions to retirement savings
10
To file your federal and state taxes you ____________.
cannot use tax preparation software
must prepare different forms for each type of government
must prepare the same tax forms for both
11
What does the W-2 form tell you?
how often your employer will be paying you
how much you've earned and how much taxes you've paid in the last year
when to file your tax return
12
What do taxes pay for?
maintaining a military, funding education, & building roads & bridges
privately-owned businesses
operation of financial institutions
