Personal Finance Courses: Taxes

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1.
The federal tax rate you pay will vary depending on your age.
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False. It varies depending on your filing status.
2.
Everyone will have to pay Social Security tax on all their income, no matter how much it is.
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False. The amount of earnings one must pay tax on is capped, though it usually changes every year.
3.
If you had more income tax taken out of your paycheck than you actually owe in taxes, what can you expect to happen?
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You will get a refund. You had too much taken out. When you do your taxes in the spring, you will find out how much you will get back.
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.
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.