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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.
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True. They receive more; this is a big advantage during one's retirement years.
2.
When it comes to your taxes, what is the standard deduction?
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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.
3.
The federal tax rate you pay will vary depending on your age.
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False. It varies depending on your filing status.
4.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
5.
Which type of account helps you pay for medical expenses while also saving you money on taxes?
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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.