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Personal Finance Courses: Taxes

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1.
The purpose of the W-4 form that you fill out when starting a new job is to determine _______.
Choose wisely. There is only one correct answer.
How much should be withheld from your paycheck for federal income taxes. The W-4 helps you and your employer avoid overpaying or underpaying throughout the year.
2.
If you had more income tax taken out of your paycheck than you actually owe in taxes, what can you expect to happen?
Choose wisely. There is only one correct answer.
You will get a refund. You had too much taken out. When you do your taxes in the spring, you will find out how much you will get back.
3.
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.
4.
When it comes to your taxes, what is the standard deduction?
Choose wisely. There is only one correct answer.
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?
Choose wisely. There is only one correct answer.
Medicare. Medicare is paid for in part by taxes on our income.