What does it mean when something is tax exempt?

Retirement Practice

Quiz
•
Business
•
9th - 12th Grade
•
Medium

Mary Jean Sullivan
Used 1+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You don't have to pay taxes on it.
You must pay all taxes in advance.
You pay taxes later (years later)
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean when something is tax deferred?
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to start saving for retirement when you're young (ex: early 20s)?
To benefit from compounding. The earlier you start saving, the more $ you'll have decades from now.
Trick question. Starting to save in your 40s is just as effective as starting in your 20s.
All retirement accounts help reduce your income taxes now.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Does everyone qualify for Social Security retirement benefits?
Yes - once you hit a certain age
No - you must pay FICA for at least 10 years AND hit a certain age.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When is the earliest you can start withdrawing money from your retirement accounts (Traditional IRA, 401k) without an income tax penalty from the IRS?
59 1/2 years old
62 years old
65 years old
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is OUR full retirement age for Social Security retirement benefits?
[There will be no reduction in benefits]
59 1/2 years
62 years
65 years
67 years
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False: Social Security retirement benefits are enough to live off of when we're retired.
True
False
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