Personal Finance Courses: Taxes

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1.
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.
2.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
3.
There is one federal income tax rate that all taxpayers pay.
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False. As you earn more money, your rate increases.
4.
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.
5.
Social Security is a federal _______.
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Retirement and disability income program.