Personal Finance Courses: Taxes

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1.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
2.
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.
3.
When you take time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.
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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.
4.
There is one federal income tax rate that all taxpayers pay.
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False. As you earn more money, your rate increases.
5.
Retired workers receive more in benefits from Social Security than they contributed to it during their working years.
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True. They receive more; this is a big advantage during one's retirement years.