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Personal Finance Courses: Taxes

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1.
Which saves you more money -- the standard deduction or itemized deductions?
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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.
2.
What kind of retirement planning contributions can help you save money on filing your taxes currently?
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A traditional IRA. Contributions to a traditional IRA can help you save money on filing your taxes currently. Roth 401(k)s cannot, and health savings accounts are not retirement plans.
3.
What type of tax increases as your income increases?
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Progressive tax. Income tax is an example of a progressive tax.
4.
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.
5.
What is the name of the United States' tax collection agency?
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The Internal Revenue Service. The Internal Revenue Service is the agency that collects taxes for the United States.