W2 vs 1099
If you had a full-time job last year, this is the form your employer sends you showing your income and taxes withheld.
What is a W-2?
The federal tax filing deadline each year, unless you file an extension.
What is April 15?
(T/F) Having a higher deductible lowers your monthly premium.
True
After graduating college, you can stay on your parent’s health insurance plan for up to this age.
What is age 26
What’s the average monthly cost of renters insurance?
What is ~$15–$30/month
If you did freelance or contract work, this form reports the money you earned so you can pay taxes yourself.
What is a 1099?
(T/F)If you don’t owe taxes, you don’t have to file
False - you could get a refund
This type of car insurance covers damage or injury you cause to other people or their property, but not your own vehicle.
What is liability insurance?
To get coverage through your employer, this is the process you complete.
What is enrollment
What’s the average monthly car insurance payment for a 22–25 year-old in Tennessee?
What is ~$150–$220/month (varies by driving record and car)
If you’re a 1099 contractor, you should save this percentage of your income to cover taxes and self-employment taxes.
What is 25–30%?
This is one place you can go to file your taxes, either directly or using software
What is IRS or tax software like; Turbo tax, H&R block
You might be required to have this insurance if your lease or state law says so, but it’s not always mandatory.
What is renters insurance?
On average, a young adult pays this much per month for their share of an employer-sponsored health insurance plan.
What is $120–$150 per month? (employee share)
What is the average federal tax refund for a 22–25-year-old first-time W-2 filer?
What is ~$200–$500
As a W2 employee, who pays Medicare and Social Security tax?
Who is Employee and Employer (50/50) - 7.6%
A 1099 contractor should pay this many estimated tax payments per year.
What is 4?
When paying for insurance, doing this instead of monthly can sometimes earn you a discount.
What is paying the full payment upfront?
Without health insurance, a single accident or serious illness could lead to this major financial consequence.
What is bankruptcy?
What’s the average cost of an emergency room visit in the U.S. without insurance, to just see a doctor?
What is ~$2,400–$2,600
As a 1099 employee, how much do you pay in Social Security and Medicare tax (%)?
What is 15.3% self-employement tax
To file your taxes, name three of the important documents or information you’ll need
What are W-2 or 1099 forms, Social Security number, bank account and routing number, income documents, deductible expenses, and IRA or retirement contributions?
After getting a speeding ticket, your car insurance premium typically goes up by about this percentage.
What is 20%
This type of card is linked to a pre-tax account you can use to pay for qualified medical expenses.
What is an HSA card
Example: You’re a 23-year-old in Nashville, renting a $1,200 monthly apartment, driving a used Honda Civic, working your first job. Estimate your total monthly insurance costs (health, dental, car, renters).
What is $350–$500/month depending on coverage