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Personal Finance Courses: Taxes

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1.
If you had more income tax taken out of your paycheck than you actually owe in taxes, what can you expect to happen?
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You will get a refund. You had too much taken out. When you do your taxes in the spring, you will find out how much you will get back.
2.
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.
3.
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.
4.
The purpose of the W-4 form that you fill out when starting a new job is to determine _______.
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How much should be withheld from your paycheck for federal income taxes. The W-4 helps you and your employer avoid overpaying or underpaying throughout the year.
5.
All other factors being equal, waiting until which age would let you receive the most Social Security benefits?
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70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.