Personal Finance Courses: Taxes

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1.
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.
2.
Many retirement plans are tax-deferred. This means that the earnings that build up in them are not taxed until you take them out.
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True. To be tax-deferred means that taxes are not levied until sometime later; in the case of retirement plans, that means when you finally take the money out.
3.
The various income tax filing statuses include _______.
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All of the above. There are several statuses that determine your rate.
4.
Social Security is a federal _______.
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Retirement and disability income program.
5.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.