Personal Finance Courses: Taxes

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1.
Personal information you will need to prepare your tax return includes _______.
Choose wisely. There is only one correct answer.
Your Social Security number. Personal information you will need to prepare your tax return includes your Social Security number.
2.
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.
3.
The federal tax rate you pay will vary depending on your age.
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False. It varies depending on your filing status.
4.
How do IRAs, 401k plans, health savings accounts and flexible spending accounts help lower your income taxes?
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You get to deduct the money you contribute to them from your income. When you deduct the contributions you make to them, there is less money for you to be taxed on.
5.
When it comes to your taxes, what is the standard deduction?
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A pre-set amount of money that you get to deduct. As opposed to itemized deductions, the standard deduction is simpler and saves more money for most taxpayers.