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Personal Finance Courses: Taxes

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1.
Everyone will have to pay Social Security tax on all their income, no matter how much it is.
Choose wisely. There is only one correct answer.
False. The amount of earnings one must pay tax on is capped, though it usually changes every year.
2.
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.
3.
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.
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.
Which saves you more money -- the standard deduction or itemized deductions?
Choose wisely. There is only one correct answer.
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.