A: Reduce
B: Increase
Show or Reveal the Answer
Reduce
EXPLANATION: Deductions can reduce the amount of your income before you calculate the tax you owe. Credits can reduce the amount of tax you owe or increase your tax refund, and some credits may give you a refund even if you don't owe any tax.
EXPLANATION: Deductions can reduce the amount of your income before you calculate the tax you owe. Credits can reduce the amount of tax you owe or increase your tax refund, and some credits may give you a refund even if you don't owe any tax.
Tax preparation software can help prepare and file your taxes by _________.
Tax preparation software can help prepare and file your taxes by what
Tax preparation software can help prepare and file your taxes by everfi
Tax preparation software can help prepare and file your taxes by brainly
A: making an appointment with a tax expert for you
B: posing questions to collect necessary information
C: calculating your taxes based on your savings account balance
D: providing you with blank tax forms you can fill out
Show or Reveal the Answer
posing questions to collect necessary information
What is the difference between gross and net pay?
A: Gross and net pay are basically the same things.
B: Gross pay is before taxes are subtracted but net pay is after taxes are taken out.
C: Net pay is a salary and gross pay is from hourly wages.
D: Gross pay is after taxes are subtracted but net pay is before taxes are taken out.
Show or Reveal the Answer
Gross pay is before taxes are subtracted but net pay is after taxes are taken out.
When you start a new job, you fill out a W-4 form to _________.
A: determine how much your gross pay should be.
B: avoid paying income taxes on your paychecks.
C: to determine how much federal income tax your employer should withhold from your paychecks.
D: file your tax return.
Show or Reveal the Answer
to determine how much federal income tax your employer should withhold from your paychecks.
Generally, the more education you receive, the ________________ will be.
A: lower your lifetime earnings
B: lower your electricity bills
C: higher your food bills
D: higher your lifetime earnings
Show or Reveal the Answer
higher your lifetime earnings
Each year, you must file ____________________.
A: only your state taxes since federal taxes are filed every four years
B: only your federal taxes since state taxes get filed every other year
C: your federal, state, county and town taxes
D: your federal taxes and state taxes if your state requires it
Show or Reveal the Answer
your federal taxes and state taxes if your state requires it
Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?
Which of the following is NOT a possible tax or deduction that could come out of your paycheck
A: FICA
B: Overtime pay
C: Federal income tax
D: Contributions to retirement savings
Show or Reveal the Answer
Overtime pay
What does the W-2 form tell you?
What does the W-2 form tell you everfi Quizlet
A: How much federal income tax your employer will withhold from your paycheck.
B: How much you've earned and how much taxes you've paid in the last year.
C: When to file your tax return.
D: How often your employer will be paying you.
Show or Reveal the Answer
How much you've earned and how much taxes you've paid in the last year.
When preparing your taxes, what can possibly help reduce the amount of taxes that you owe?
A: Stock and savings interest
B: Sharing what you earned on a W-2 or 1099 form
C: Having stock dividends
D: Credits and deductions
Show or Reveal the Answer
Credits and deductions
If you have to decide to claim a credit or deduction on your taxes which should you take?
A: Claim only deductions since credits are charged to you can can result in big bills later.
B: Claim all deductions and credits that you are eligible for since they both can reduce your taxes.
C: Only claim credits since deductions reduce the amount of money in your tax refund.
D: Claim both since they document how much in taxes you have paid.
Show or Reveal the Answer
Claim all deductions and credits that you are eligible for since they both can reduce your taxes.
To file your federal and state taxes you ____________
To file your federal and state taxes you everfi answers
A: must prepare the same tax forms for both
B: can use tax preparation software for state taxes, but can't for federal taxes
C: can use tax preparation software for federal taxes, but can't for state taxes
D: must prepare different forms for each type of government (if your state requires it)
Show or Reveal the Answer
must prepare different forms for each type of government (if your state requires it)
How can you ensure you don't go over your budget?
A: Buy all of your wants at one time.
B: Round up your expense estimates to add a buffer
C: Use most of your budget for entertainment expenses
D: Find a friend that enjoys going shopping
Show or Reveal the Answer
Round up your expense estimates to add a buffer
Which of the following is a way to track your spending?
A: Spreadsheet budget
B: Envelope method
C: An app
D: All of the above
Show or Reveal the Answer
All of the above
What should be considered when setting a budget?
A: Time management goals
B: Needs and wants
C: Savings
D: Needs, wants, and savings
Show or Reveal the Answer
Needs, wants, and savings
When setting a budget, you should consider...
A: mostly income.
B: creative ways to spend your money.
C: mostly your goals.
D: financial goals, current expenses, and income.
Show or Reveal the Answer
financial goals, current expenses, and income.
Unexpected expenses ______
A: can make it hard to stick to your budget.
B: may cause you to be unable to pay necessary bills.
C: should be planned for.
D: all of the above
Show or Reveal the Answer
all of the above
This helps you prepare for unexpected expenses.
A: Credit cards
B: Checking account
C: Emergency fund
D: None of the above
Show or Reveal the Answer
Emergency fund
Where should you look to find your current expenses when building your budget?
A: your bank representative
B: bank and credit statements
C: your wallet
D: ask your parents
Show or Reveal the Answer
bank and credit statements
Which of the following expenses would be a good reason to spend money from an emergency fund?
A: Buy new track shoes because they're in style.
B: Purchase concert tickets to see your favorite artist.
C: Repair your laptop that you use for homework.
D: Upgrade your phone to the latest model.
Show or Reveal the Answer
Repair your laptop that you use for homework.
Which of the following statements is TRUE?
A: Recurring expenses don't need to be planned for because they rarely happen.
B: Recurring expenses are expenses that can never be stopped.
C: Recurring expenses should be planned for after looking at your wants.
D: None of the above
Show or Reveal the Answer
None of the above
Which of the following is a benefit of using a budget?
A: Helps to keep track of the money you receive
B: Helps to prioritize your spending
C: Helps reach short: and long-term financial goals
D: All of the above
Show or Reveal the Answer
All of the above
Bank statements, credit statements, and records of cash expenses help you to estimate your ________.
A: credit score
B: expenses
C: emergency fund needs
D: available investments
Show or Reveal the Answer
expenses
A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.
A: True
B: False
Show or Reveal the Answer
TRUE
Why is it important to reconcile your bank statements?
A: To avoid spending more than what is in your account.
B: To detect any errors in your account.
C: To determine if you were charged any fees.
D: All of the above
Show or Reveal the Answer
All of the above
Which of the following statements about savings accounts is FALSE?
A: Savings accounts pay interest on the money you deposit.
B: Savings accounts are best used to store money for longer-term goals.
C: Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
D: Savings accounts allow an unlimited amount of withdrawals each month.
Show or Reveal the Answer
Savings accounts allow an unlimited amount of withdrawals each month.
Which of the following statements about check cashing companies is FALSE?
A: They offer bad deals where you'll owe a lot more than you borrowed.
B: They make it easy to fall into a loan cycle that is hard to get out of.
C: They charge low fees.
D: They can take a percentage of your check on top of fees.
Show or Reveal the Answer
They charge low fees.
A stock is ________.
A: A type of debt investment that acts like a loan.
B: A type of savings account that pays interest based on current interest rates in the money market.
C: A type of investment that invests in a mix of different types of investments.
D: A share of ownership in a company.
Show or Reveal the Answer
A share of ownership in a company.
A ______ is a share of ownership in a company.
A: mutual fund
B: money market account
C: bond
D: stock
Show or Reveal the Answer
stock
Which of the following statements about stocks is TRUE?
A: A stock is a share of ownership in a company
B: A stock is a type of savings account that pays interest based on current interest rates in the money market
C: A stock is a type of investment that invests in a mix of different types of investments
D: A stock is a type of debt investment that acts like a loan
Show or Reveal the Answer
a stock is a share of ownership in a company
Which of the following is NOT a common feature of a financial institution?
A: Direct deposit
B: Access to ATMS
C: Paper checks
D: Access to investment products
Show or Reveal the Answer
Access to investment products
Which of the following is NOT a common feature of a financial institution?
A: access to investment products
B: investment trading
C: access to investment advice
D: All of the above
Show or Reveal the Answer
All of the above
Which of the following is NOT a common feature of a financial institution?
A: direct deposit
B: debit cards
C: investment trading
D: access to ATMs
Show or Reveal the Answer
investment trading
Which of the following is NOT a common feature of a financial institution?
A: Direct deposit
B: Paper Checks
C: Access to investment advice
D: Checking and savings accounts
E: investment trading
F: access to investment products
Show or Reveal the Answer
Access to investment advice
investment trading
access to investment products
investment trading
access to investment products
Which of the following statements is TRUE?
A: If there is a mistake on one of your bank accounts, there is nothing you can do about it.
B: If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to resolve themselves.
C: If there is a mistake on your bank account, you should contact your financial institution immediately.
D: None of the above.
Show or Reveal the Answer
If there is a mistake on your bank account, you should contact your financial institution immediately.
What should you do before you approach an ATM?
A: Ask someone nearby for help using the ATM.
B: Share a picture of your debit card with your friends.
C: Check for any suspicious people lurking nearby.
D: Make sure it is hidden so no one will see you withdraw money.
Show or Reveal the Answer
Check for any suspicious people lurking nearby.
Savings accounts typically offer more interest than what type of account?
A: Certificate of deposit
B: Retirement account
C: Money market account
D: Checking account
Show or Reveal the Answer
Checking account
Which of the following statements about check cashing companies is TRUE?
A: They have limited operating hours during the day
B: They charge high fees
C: They sometimes offer free services
D: They delay when you can access your cash
Show or Reveal the Answer
They charge high fees
Which of the following financial institutions typically have the highest fees?
A: Credit unions
B: check cashing and payday loan companies
C: brick-and-mortar banks
D: internet banks
Show or Reveal the Answer
check cashing and payday loan companies
Which type of bank account typically offers the least (if any) interest?
A: money market account
B: certificate of deposit
C: savings account
D: Checking account
Show or Reveal the Answer
checking account
Which type of bank account is best for everyday transactions?
A: savings account
B: Money market account
C: certificate of deposit
D: checking account
Show or Reveal the Answer
checking account
Investing is best for ________.
A: earning a little interest while keeping your money safe.
B: guaranteed fast growth on your money.
C: short-term financial goals, like building an emergency fund.
D: long-term financial goals, like paying for retirement.
Show or Reveal the Answer
long-term financial goals, like paying for retirement.
If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
A: The CFPB
B: No one, you can't resolve the issue
C: Your financial institution
D: The local police station
Show or Reveal the Answer
Your financial institution
Which savings account will earn you the least money?
A: One that compounds interest daily.
B: One that earns simple interest daily.
C: One that compounds interest monthly.
D: One that earns simple interest monthly.
Show or Reveal the Answer
One that earns simple interest monthly.
Which savings account will earn you the most money?
A: One that compounds interest daily.
B: One that earns simple interest daily.
C: One that compounds interest monthly.
D: One that earns simple interest monthly.
Show or Reveal the Answer
one that compounds interest daily
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
A: deductions
B: pensions
C: allowances
D: benefits
Show or Reveal the Answer
benefits
How does the government pay for roads, schools, and emergency services?
A: They are funded through non-profits.
B: They are funded through taxes.
C: They are funded through charitable donations.
D: None of the above
Show or Reveal the Answer
They are funded through taxes.
Why is it useful to have your bank account and routing numbers when using tax preparation software?
A: To indicate where tax refunds should be sent.
B: To show how much interest you have earned over the year.
C: To use as additional forms of identification.
D: To show much money you have paid in taxes.
Show or Reveal the Answer
To show much money you have paid in taxes.
Why might preparing taxes be different for people living in different states?
Why might preparing taxes be different for people living in different states quizlet
Why might preparing taxes be different for people living in different states everfi?
A: Everyone must file taxes but depending on where you live, you may not need to file federal taxes.
B: States taxes are due January 1st but federal taxes are due April 15th.
C: It’s not different. All states have the same tax laws.
D: Everyone must file federal taxes, but each state has different Tax laws.
Show or Reveal the Answer
Everyone must file taxes but depending on where you live, you may not need to file federal taxes.
What is the most accurate GDP estimate?Group of answer choices
A: preliminary estimate
B: advanced estimate
C: final estimate
D: comprehensive review estimate
Why is it necessary to have a w-2 or 1099 form when using tax preparation software?
Why is it necessary to have a w-2 or 1099 form when using tax preparation software everfi module 2
ANSWER: Your W-2 form shows how much you earned which is known as your compensation, including wages and tips for the year. The document also details what you have paid in taxes throughout the year — both federal and state. In addition, it explains what was withheld from your pay, such as social security and medicare. Everfi-Financial Literacy - Credit & Debt Answers Box 4 adjustments made for a prior year everfi answers
Everfi tax simulation answers
Which of the following is a strategy to help with tracking expenses
why might preparing taxes be different for people living in different states?
# Why is it necessary to have a W-2 or 1099 form when using tax preparation software?
which of the following statements is true about taxes?
what is the purpose of the w-4 form?
what is the purpose of the w-4 form?
what is the purpose of the w-4 form?
which of the following statements is true about education and lifetime earnings?
what is net pay?
Common tax forms needed
What is a 1099
w-2/1099 form download
Everfi module 2 income and employment Quizlet
Everfi employment and taxes answers module 2
for most careers, which degree will most likely result in the highest lifetime earnings?
what do you need in order to fill out your 1040?
what do you not need in order to fill out your 1040?
Parents can reduce their taxes by brainly
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