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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?
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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.
2.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
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.
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.
5.
Which federal program provides health care coverage for all US citizens age 65 or over?
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Medicare. Medicare is paid for in part by taxes on our income.