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Answer True or False for the following questions: 1. In the state of California, workers must...

Answer True or False for the following questions:

1. In the state of California, workers must elect to be covered by state disability.

2. The head of household filing status will receive the highest standard deduction on a federal tax return.

3. Contributions to ROTH IRA are not deductible on your tax return, however, you are exempt from income taxes when you withdraw the money from a ROTH IRA after retirement.

4. A mutual fund is a type of interest earning savings account at a bank or credit union.

5. With open-end credit, funds for credit are available on a continuous basis aka you can keep borrowing more as long as you regularly make at least partial payment.

Expert Solution

Ans 1 True

Sttae Disability insurance is basically a plan which covers partial wage relacement insurance for the workers

Almost the workers workong in California are covered by state disability.

ans 2 False

The highest standard deduction is received by married couple filling jointly, it is double than what single gets. Head of household gets standard deduction more than songle but less than married filling jointly

ans 3 True

We cannot deduct contribution made towards ROTH IRA but after retirement if we withdraw tha it is tax free

ans 4 False

No mutual fund is not a saving account. It is an investment made wherein the money is invested in different bonds, stock etc by the fund manager on behalf of investor. There are various multal fund company who invest in various portfolios on behalf of investor

ans 5 True

An open end credit is a line of credit which is provided by bank to its borrowers doing business where the borrower has the option to withdraw as an when required within the line of credit allowed and repayment made as an when possible.

If any doubt please comment

ekkarill92 answered 2 years ago

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