Personal Finance Courses: Taxes

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1.
Only employees pay Social Security taxes on their earnings.
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False. Employers pay the same amount on behalf of their employees, according to how much the employees pay.
2.
Which saves you more money -- the standard deduction or itemized deductions?
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It depends. For most people, the standard deduction saves more money. But for others, itemized deductions save more. When you do your taxes, you will find out which is better for you.
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.
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.
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.