Quiz-Filing Taxes,Part 3: Pre-Tax Contributions and Tax Credits

Insurance is a Pre-Tax Contribution.

• True

• False

A Pre-Tax Contribution is NOT taxed.

• True

• False

Examples of retirement plans:

• W-2, 1099, 1040

• 403(b), 401(k), 457

When you save money for retirement in a pre-tax account, how are you taxed?

• You pay taxes on the money that you put into the retirement account.

• You pay taxes on net pay.

A Cafeteria Plan is a menu of insurance plans and other accounts that an employer offers.

• True

• False

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Claiming something on a tax return means that you

• are formally making a request for credit on your tax return

• saying that something is false and that you owe money on your tax return

The number of dependents affects the amount of taxes you owe. How?

• The more dependents you have the MORE you owe in taxes.

• The more dependents you have, the LESS you own in taxes.

• It doesn't matter how many dependents you have.

If you pay for child care, you can save on taxes through a Child Care Tax Credit.

• True

• False

According to the presentation (in Google Classroom), if you earned LESS than 53,930 in 2018, you might get an Earned Income Tax Credit (EITC).

• True

• False

Claiming a tax credit means that you

• will pay MORE in taxes

• will pay LESS in taxes

• will pay the SAME amount of taxes