Course Catalog > Personal Finance > Courses
Personal Finance Courses: Taxes

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!

Get a certificate for this quiz
Enter your name and email address below and we will generate a certificate for this quiz.


Review your answers below to learn more.
1.
Many retirement plans are tax-deferred. This means that the earnings that build up in them are not taxed until you take them out.
Choose wisely. There is only one correct answer.
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.
2.
Everyone will have to pay Social Security tax on all their income, no matter how much it is.
Choose wisely. There is only one correct answer.
False. The amount of earnings one must pay tax on is capped, though it usually changes every year.
3.
The federal tax rate you pay will vary depending on your age.
Choose wisely. There is only one correct answer.
False. It varies depending on your filing status.
4.
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.
5.
Which saves you more money -- the standard deduction or itemized deductions?
Choose wisely. There is only one correct answer.
It depends. For most people, the standard deduction saves more money. But for others, itemized deductions save more. When you do your taxes, you will find out which is better for you.