Personal Finance Courses: Taxes

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1.
Social Security is a federal _______.
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Retirement and disability income program.
2.
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.
3.
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.
4.
You can take a tax deduction for some education-related expenses. Which of the following does that include?
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All of the above. All of these expenses qualify.
5.
There is one federal income tax rate that all taxpayers pay.
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False. As you earn more money, your rate increases.