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Personal Finance Courses: Taxes

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1.
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.
2.
Social Security is a federal _______.
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Retirement and disability income program.
3.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
4.
Many retirement plans are tax-deferred. This means that the earnings that build up in them are not taxed until you take them out.
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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.
5.
What type of tax increases as your income increases?
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Progressive tax. Income tax is an example of a progressive tax.