Everfi Review L2: Income & Employment

Generally, the more education you receive, the higher your lifetime earnings will be.

• True

• False

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.

• Your gross pay plus any bonuses

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

• Gross pay

• Net Pay

• Total Pay

• Year-to-date pay

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

• Federal income tax

• Contributions to retirement savings

• FICA

• All of the above

Which of the following is NOT a possible tax or deduction that could show up on your paycheck?

• State income tax

• FICA

• Sales Tax

The W-4 tax form is used to _____.

• Tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.

• Determine how much your gross pay should be.

• File your tax return

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

• 1040

• W-2

• W-4

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 these

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

• gig economy

• labor market

• employee workforce

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

• Your W-2

• Routing and bank account number

• A record of any other supplemental income

• All of the above