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Personal Finance Courses: Taxes

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1.
Retired workers receive more in benefits from Social Security than they contributed to it during their working years.
Choose wisely. There is only one correct answer.
True. They receive more; this is a big advantage during one's retirement years.
2.
Tax adjustments, deductions and credits all have one thing in common. What is that?
Choose wisely. There is only one correct answer.
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.
The various income tax filing statuses include _______.
Choose wisely. There is only one correct answer.
All of the above. There are several statuses that determine your rate.
4.
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.
5.
Several different tax forms that get sent to you will list the income you received during the year. Which of the following does NOT list income that you received?
Choose wisely. There is only one correct answer.
W-4. Your W-4 does not list income you received. But your W-2s and any 1099s you receive will.