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Personal Finance Courses: Taxes

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1.
Which type of account helps you pay for medical expenses while also saving you money on taxes?
Choose wisely. There is only one correct answer.
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.
2.
What type of tax increases as your income increases?
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Progressive tax. Income tax is an example of a progressive tax.
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.
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.
5.
Only employees pay Social Security taxes on their earnings.
Choose wisely. There is only one correct answer.
False. Employers pay the same amount on behalf of their employees, according to how much the employees pay.