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Personal Finance Courses: Taxes

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1.
The various income tax filing statuses include _______.
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All of the above. There are several statuses that determine your rate.
2.
Social Security is a federal _______.
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Retirement and disability income program.
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.
Which of the following is true regarding tax credits?
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A tax credit reduces the actual tax you owe. Within limits, a dollar of credit reduces your tax by a dollar.
5.
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.