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Personal Finance Courses: Taxes

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1.
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.
2.
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.
3.
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.
4.
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.
5.
Many retirement plans are tax-deferred. This means that the earnings that build up in them are not taxed until you take them out.
Choose wisely. There is only one correct answer.
True. To be tax-deferred means that taxes are not levied until sometime later; in the case of retirement plans, that means when you finally take the money out.