Personal Finance Courses: Taxes

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1.
Which type of account helps you pay for medical expenses while also saving you money on taxes?
Choose wisely. There is only one correct answer.
Flexible spending account. A flexible spending account lets you set aside money from your pay, thus reducing the amount of income you will be taxed on.
2.
Tax adjustments, deductions and credits all have one thing in common. What is that?
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They reduce the amount of tax you have to pay. Adjustments, deductions and credits all reduce the amount of tax you have to pay. They all do this in different ways.
3.
What is the name of the United States' tax collection agency?
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The Internal Revenue Service. The Internal Revenue Service is the agency that collects taxes for the United States.
4.
There is one federal income tax rate that all taxpayers pay.
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False. As you earn more money, your rate increases.
5.
Social Security is a federal _______.
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Retirement and disability income program.