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Personal Finance Courses: Taxes

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1.
If you are taking tax deductions for meals, car expenses, and travel, you are most likely _______.
Choose wisely. There is only one correct answer.
A small business owner. Small business owners get to deduct a lot of expenses from their income, thus saving them money. This is one of the perks of being in business for yourself.
2.
What is the name of the United States' tax collection agency?
Choose wisely. There is only one correct answer.
The Internal Revenue Service. The Internal Revenue Service is the agency that collects taxes for the United States.
3.
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.
4.
How do IRAs, 401k plans, health savings accounts and flexible spending accounts help lower your income taxes?
Choose wisely. There is only one correct answer.
You get to deduct the money you contribute to them from your income. When you deduct the contributions you make to them, there is less money for you to be taxed on.
5.
Which federal program provides health care coverage for all US citizens age 65 or over?
Choose wisely. There is only one correct answer.
Medicare. Medicare is paid for in part by taxes on our income.