Which of the following are NOT deducted on a typical paystub: |
Sales tax |
Why might you complete a 1040 instead of a 1040EZ? |
You own a home |
The amount you owe in state income tax is based on: |
Your yearly earnings |
If you are in a car accident caused by SOMEONE ELSE who also has insurance, which type of insurance plan will not require you to pay out of pocket costs? |
Both high and low deductible plans |
Which of the following typically have the highest auto insurance premiums? |
Young, inexperienced drivers |
Insurance can help you: |
protect against unexpected accidents |
When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the _______. |
W-4 |
In which of the following scenarios will you be entitled to pay the least amount of money out-of-pocket for a medical expense? |
Health insurance with a 500$ deductible |
If YOU cause a car accident, which type of insurance will require you to pay the least out of pocket? |
Low deductible plan |
Your auto insurance policy has a $200 monthly premium and $700 deductible. What is the maximum amount you will have to pay out-of-pocket for a car accident before your insurance covers your costs? |
$700 |
Which is an example of a withholding you might see on your pay stub? |
Health & Retirement savings |
The person who receives financial protection from a life insurance plan is called a: |
Beneficiary |
Which of the following would likely be covered under homeowners insurance but NOT by renter’s insurance? |
A tree branch breaks your bedroom window during a storm. |
Under which circumstance might you receive a tax refund from the IRS? |
When your total of previous payments and applicable credits is more than the tax you owe. |
Tax that you pay when making a profit from selling a house is an example of: |
Capital Gains tax |
Which of the following statements about taxes is FALSE? |
Taxes at the local, state and federal level are all equal |
You have an insurance policy with a $300 premium and a $500 deductible. How much should you expect to pay the insurance company each month for coverage? |
$300 |
Insurance and Taxes – Everfi
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