Everfi Module 7 Insurance Answers Which of the following typically have the highest auto insurance premiums? Young, inexperienced drivers Why might you complete a 1040 instead of a 1040EZ? You own a home. In which of the following scenarios will you be entitled to pay the least amount of money out-of-pocket for a medical expense? You have health insurance with a $500 deductible. Which is an example of a withholding you might see on your pay stub? Both A and B (Health Insurance and Retirement Savings) On a pay stub, what is the difference between "Net Pay" and YTD Net Pay"? Net Pay is how much you've made during a pay period, YTD Net Pay is how you've made this year. When starting a new job, theformyou complete to determine how much tax to withhold from your paycheck is called the _______.W-4
Insurance can help you: financially protect against unexpected accidents Jan pays $70 each month for her auto insurance policy. This regularpaymentis called a: Jan pays $70 each month for her auto insurance policy. This regular payment is called a: The amount you owe in state income tax is based on: Your yearly earnings. When you purchase an item in a store, you may be charged __________. Sales tax 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 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? Either A or B (High deductible plan and Low deductible plan) 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 If you cause a car accident, which type of insurance will require you to pay the least out of pocket? Low deductible plan 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. Which of the following are NOT deducted on a typical paystub: Sales Tax 1040EZ An end-of-year tax form that is used to determine the amount of income tax owed to the IRS. If your tax situation is simpler, you can fill out a 1040EZ form - which can be submitted by paper or online. W-4 This form determines how much money will be withheld from your paycheck for taxes.
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