Personal Finance Courses: Taxes

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1.
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.
2.
What type of tax increases as your income increases?
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Progressive tax. Income tax is an example of a progressive tax.
3.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
4.
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.
5.
Which federal program provides health care coverage for all US citizens age 65 or over?
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Medicare. Medicare is paid for in part by taxes on our income.