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Personal Finance Courses: Taxes

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1.
Social Security is a federal _______.
Choose wisely. There is only one correct answer.
Retirement and disability income program.
2.
What kind of retirement planning contributions can help you save money on filing your taxes currently?
Choose wisely. There is only one correct answer.
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.
If you are taking tax deductions for meals, car expenses, and travel, you are most likely _______.
Choose wisely. There is only one correct answer.
A small business owner. Small business owners get to deduct a lot of expenses from their income, thus saving them money. This is one of the perks of being in business for yourself.
4.
The federal tax rate you pay will vary depending on your age.
Choose wisely. There is only one correct answer.
False. It varies depending on your filing status.
5.
What is the standard U.S. individual tax return called?
Choose wisely. There is only one correct answer.
The 1040. IRS Form 1040 is the standard form.