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In the EverFi Taxes and Insurance module, the user was taught about the different types and benefits of insurance and the purpose and function of taxes. One of the first points addressed was the purpose of taxes. People often get frustrated about having large amounts of money deducted from their hard-earned paychecks or about paying extra on simple things like clothes and food.
The truth is, tax revenue is a very necessary and important part of our economy. The government uses tax dollars for a wide variety of things and draws nearly all of it’s income from tax sources. Tax dollars are used for social security, (to assist retired Americans financially) for Medicare, food stamps, and interest on the national debt, among other things.
Tax dollars are also used in much smaller percentages for various other government endeavors. About 1% of all tax money goes to foreign aid, and about 3.5% goes to pensions and benefits for government employees.
Everfi Module 7 Insurance Answers
Based on how much you earn annually; the percentage of your income that is taxed varies between states
The income tax paid to the state you live and/or work in. The amount of income tax varies by state, and some states don’t have income tax at all!
This is what you get if you add lines 1, 2 and 3.
Line 4 = Line 1 + Line 2 + Line 3
Line 4 = 48,500 + 0 + 0
Line 4 = 48,500
Quiz to Practice
Everfi insurance and taxes
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