Personal Finance Courses: Taxes

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1.
Retired workers receive more in benefits from Social Security than they contributed to it during their working years.
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True. They receive more; this is a big advantage during one's retirement years.
2.
Which saves you more money -- the standard deduction or itemized deductions?
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It depends. For most people, the standard deduction saves more money. But for others, itemized deductions save more. When you do your taxes, you will find out which is better for you.
3.
What is the name of the United States' tax collection agency?
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The Internal Revenue Service. The Internal Revenue Service is the agency that collects taxes for the United States.
4.
The various income tax filing statuses include _______.
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All of the above. There are several statuses that determine your rate.
5.
When you take time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.
Choose wisely. There is only one correct answer.
True. When you take the time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.