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Personal Finance Courses: Taxes

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1.
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.
2.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
3.
How do IRAs, 401k plans, health savings accounts and flexible spending accounts help lower your income taxes?
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You get to deduct the money you contribute to them from your income. When you deduct the contributions you make to them, there is less money for you to be taxed on.
4.
The various income tax filing statuses include _______.
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All of the above. There are several statuses that determine your rate.
5.
Tax adjustments, deductions and credits all have one thing in common. What is that?
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They reduce the amount of tax you have to pay. Adjustments, deductions and credits all reduce the amount of tax you have to pay. They all do this in different ways.