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.
All other factors being equal, waiting until which age would let you receive the most Social Security benefits?
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70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.
3.
The difference between a tax deduction and a tax credit is that _______.
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A tax deduction reduces your taxable income, and a tax credit reduces your actual tax. When you do the math, you will find that tax credits get you more money back than tax deductions do.
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.
What type of tax increases as your income increases?
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Progressive tax. Income tax is an example of a progressive tax.