Taxes and Insurance Post-Test
Click here to print this page 
Click here to take the test ONLINE Some of the following items would be taxed as income. Some would not. After each item that is taxed write “taxed” on the line. After each item that is not taxed, leave the line blank. 1. Income from a part-time job _______________________________________________ 2. The balance in your savings account _________________________________________ 3. The interest earned on your savings account ___________________________________ 4. The amount you have deducted from your pay to contribute to your 401(k) ___________ 5. A good way to lower your income tax bill is to purchase
an IRA or participate in your employer’s retirement plan at work.
6. It is never a good idea to itemize your deductions when you file your taxes. It is hard to do and you have to hire someone to figure your taxes for you.
7. The damage to your car from a tree limb falling on it is covered by the comprehensive coverage on your automobile insurance.
8. Homeowners insurance is the same thing as mortgage
insurance or PMI.
9. The best place to buy health insurance is probably through the place you work and you can get into a group health program with your co-workers. Frequently your employer pays a portion of the premium. The amount you pay is deducted from your pay check.
10. In the health insurance world what does HMO stand for?
11. Select the situation when the term life insurance provided through your place of work is probably not enough life insurance.
|
|---|
Taxes