WorksheetsTax and Insurance Quiz
Total questions: 17
Worksheet time: 9mins
What does FICA stand for?
Federal Insurance Contribution Act
Federal Income Contribution Act
Federal Insurance Collection Act
Federal Income Collection Act
What is the purpose of Social Security taxes?
To fund retirement and disability benefits
To provide health insurance
To support education
To fund military expenses
What is the tax rate for Medicare for both employers and employees?
1.45%
2.00%
1.25%
1.75%
What is the range of income tax rates in the U.S.?
10% to 35%
5% to 25%
15% to 40%
20% to 30%
Which of the following is a voluntary deduction?
401(k) contributions
Social Security
Medicare
Income tax
What type of insurance is an agreement where an insurance company pays for medical expenses?
Health Insurance
Life Insurance
Disability Insurance
Car Insurance
What does a life insurance policy provide?
Financial safety net to loved ones after you pass away
Coverage for medical expenses
Protection against theft
Investment opportunities
What is a pre-tax health savings plan used for?
Paying for qualified medical expenses
Investing in stocks
Buying a house
Paying for education
What does short term disability insurance cover?
Beneficiary's earned income against disability
Medical expenses
Life insurance
Retirement savings
What are charitable donations usually directed towards?
Union representatives in politics or an organization close to your role
Buying stocks
Paying taxes
Purchasing insurance
What are union dues used for?
Financial contribution to the operation of the union
Paying for health insurance
Funding retirement plans
Paying income taxes
Which deduction is not optional?
FICA
401(k) contributions
Health Insurance
Donations
What year was the Social Security program established?
1935
1945
1925
1955
What is the purpose of Medicare?
Provides health insurance to those in retirement and on disability
Funds education
Supports military expenses
Provides life insurance
What is a 401(k)?
A retirement savings plan
A health insurance plan
A life insurance policy
A tax deduction
During your working years, social security tax takes a percentage of your earnings. Then when you retire or are disabled
your social security tax is used to pay medical costs.
you become eligible to receive monthly payments.
you lose your benefits.
you can leave your Social Security benefits to your loved ones when you die.
Which of the following provides insurance to individuals over the age of 65, some individuals with disabilities and individuals with permanent kidney failure?
Self-insurance
Social Security
Medicare
Medicaid
