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Personal Finance Courses: Taxes

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1.
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.
2.
Several different tax forms that get sent to you will list the income you received during the year. Which of the following does NOT list income that you received?
Choose wisely. There is only one correct answer.
W-4. Your W-4 does not list income you received. But your W-2s and any 1099s you receive will.
3.
The various income tax filing statuses include _______.
Choose wisely. There is only one correct answer.
All of the above. There are several statuses that determine your rate.
4.
The difference between a tax deduction and a tax credit is that _______.
Choose wisely. There is only one correct answer.
A tax deduction reduces your taxable income, and a tax credit reduces your actual tax. When you do the math, you will find that tax credits get you more money back than tax deductions do.
5.
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.