Personal Finance Courses: Taxes

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1.
If you are taking tax deductions for meals, car expenses, and travel, you are most likely _______.
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A small business owner. Small business owners get to deduct a lot of expenses from their income, thus saving them money. This is one of the perks of being in business for yourself.
2.
The federal tax rate you pay will vary depending on your age.
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False. It varies depending on your filing status.
3.
What kind of retirement planning contributions can help you save money on filing your taxes currently?
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A traditional IRA. Contributions to a traditional IRA can help you save money on filing your taxes currently. Roth 401(k)s cannot, and health savings accounts are not retirement plans.
4.
If you had more income tax taken out of your paycheck than you actually owe in taxes, what can you expect to happen?
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You will get a refund. You had too much taken out. When you do your taxes in the spring, you will find out how much you will get back.
5.
Which federal program provides health care coverage for all US citizens age 65 or over?
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Medicare. Medicare is paid for in part by taxes on our income.