Personal Finance Courses: Taxes

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1.
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.
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.
Personal information you will need to prepare your tax return includes _______.
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Your Social Security number. Personal information you will need to prepare your tax return includes your Social Security number.
4.
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.
5.
The federal tax rate you pay will vary depending on your age.
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False. It varies depending on your filing status.