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Personal Finance Courses: Taxes

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1.
Social Security is a federal _______.
Choose wisely. There is only one correct answer.
Retirement and disability income program.
2.
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.
3.
When it comes to your taxes, what is the standard deduction?
Choose wisely. There is only one correct answer.
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.
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.
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.