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Personal Finance Courses: Taxes

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1.
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.
2.
There is one federal income tax rate that all taxpayers pay.
Choose wisely. There is only one correct answer.
False. As you earn more money, your rate increases.
3.
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.
4.
Only employees pay Social Security taxes on their earnings.
Choose wisely. There is only one correct answer.
False. Employers pay the same amount on behalf of their employees, according to how much the employees pay.
5.
When you take time to engage in tax planning, you can save yourself money you would otherwise pay to the government in taxes.
Choose wisely. There is only one correct answer.
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.