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Personal Finance Courses: Taxes

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1.
There is one federal income tax rate that all taxpayers pay.
Choose wisely. There is only one correct answer.
False. As you earn more money, your rate increases.
2.
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.
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.
All other factors being equal, waiting until which age would let you receive the most Social Security benefits?
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70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.
5.
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.