Generally, the more education you receive, the higher your lifetime earnings will be.
answer
True
question
There is no relationship between the level of education received and lifetime earnings.
answer
False
question
For most careers, which degree will most likely result in the highest lifetime earnings?
answer
Bachelor's degree
question
What is net pay?
answer
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
question
Net pay is NOT
answer
Your gross pay plus any bonuses.
question
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ___________.
answer
Net pay
question
Which of the following is a possible tax or deduction that they may show up on your paycheck?
answer
All of the above: Federal income tax, Contributions to retirement savings, and FICA.
question
Which of the following is NOT a possible tax or deduction that could show up on your paycheck?
answer
Sales tax
question
Which of the following is NOT a possible tax or deduction that could come out of your paycheck?
answer
Overtime pay
question
What is the purpose of the W-4 form?
answer
To inform your employer of how much federal income tax to withhold from your paychecks.
question
The W-4 tax form is used to ___________.
answer
Tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.
question
When you start a new job, you fill out a W-4 form to __________.
answer
To determine how much federal income tax your employer should withhold from your paychecks.
question
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.
answer
W-2
question
What does the W-2 form tell you?
answer
How much you've earned and how much taxes you've paid in the last year.
question
The W-2 form is a form that tells you _______.
answer
How much taxes you've paid in the last year based on how much you've earned.
question
Which of the following statements is true about taxes?
answer
All of the above: Taxes pay for schools and government departments, taxes pay for roads and emergency services, and taxes are often used at the federal, state, and local levels.
question
What do taxes pay for?
answer
Schools, government departments, roads, and emergency services
question
How does the government pay for roads, schools, and emergency services?
answer
They are funded through taxes.
question
The ___________ is a flexible market that allows you to work short-term, independent jobs.
answer
Gig economy
question
What is the gig economy?
answer
A flexible market that allows you to work short-term, independent jobs.
question
The gig economy offers ________.
answer
Flexible, short-term, and independent jobs.
question
What do you need in order to fill out your 1040?
answer
All of the above: Your W-2, your routing and bank account number, and a record of any other supplemental income
question
What do you NOT need in order to fill out your 1040?
answer
Your employer benefits documentation
question
What do you need in order to fill out your 1040?
answer
W-2
question
When considering a job offer, you should only consider how much you're being paid before you accept the offer.
answer
False
question
When considering a job offer, you should consider how much you're being paid and any other employee benefits before you accept the offer.
answer
True
question
How much you're being paid is the only thing you need to consider when considering a job offer.
answer
False
question
Which of the following is NOT considered part of your benefits package available from your employer?
answer
Free technology equipment
question
All of the following may be a part of your benefits package available from your employer, except:
answer
FICA
question
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
answer
Benefits
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