Lesson 2- Income and Employment EverFi

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

• High school degree

• Associate's degree

• Licensure or certification

• Bachelor's Degree

What is net pay?

• The amount of pay earned for the total number of hours worked.

• The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

• The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

• Your gross pay plus any bonuses.

Which of the following is a possible tax or deduction that they may show up on your paycheck?

• Federal income tax

• Contributions to retirement savings

• FICA

• All of the above

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

• determine how much your gross pay should be.

• file your tax return.

• avoid paying income taxes on your paychecks.

• to determine how much federal income tax your employer should withhold from your paychecks.

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.

• 1040

• W-2

• W-4

• W-9

Which of the following statements is true about taxes?

• Taxes pay for schools and government departments

• Taxes pay for roads and emergency services.

• Taxes are often used at the federal, state, and local levels.

• All of the above

How does the government pay for roads, schools, and emergency services?

• They are funded through non-profits

• They are funded through taxes.

• They are funded through charitable donations.

• None of the above

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

• gig economy

• labor market

• employee workforce

• sharing economy

What do you need in order to fill out your 1040?

• Your W-2

• Your routing and bank account number

• A record of any other supplemental income

• All of the above

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

• Your W-2

• Your routing and bank account number

• A record of any other supplemental income

• Your employer benefits documentation