Personal Finance Courses: Taxes

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1.
Several different tax forms that get sent to you will list the income you received during the year. Which of the following does NOT list income that you received?
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W-4. Your W-4 does not list income you received. But your W-2s and any 1099s you receive will.
2.
Which of the following is true regarding tax credits?
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A tax credit reduces the actual tax you owe. Within limits, a dollar of credit reduces your tax by a dollar.
3.
The various income tax filing statuses include _______.
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All of the above. There are several statuses that determine your rate.
4.
When you take time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.
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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.
5.
Only employees pay Social Security taxes on their earnings.
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False. Employers pay the same amount on behalf of their employees, according to how much the employees pay.