Personal Finance Courses: Taxes

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1.
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.
2.
If you are taking tax deductions for meals, car expenses, and travel, you are most likely _______.
Choose wisely. There is only one correct answer.
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.
3.
Which federal program provides health care coverage for all US citizens age 65 or over?
Choose wisely. There is only one correct answer.
Medicare. Medicare is paid for in part by taxes on our income.
4.
If you had more income tax taken out of your paycheck than you actually owe in taxes, what can you expect to happen?
Choose wisely. There is only one correct answer.
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.
There is one federal income tax rate that all taxpayers pay.
Choose wisely. There is only one correct answer.
False. As you earn more money, your rate increases.