Personal Finance Courses: Taxes

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1.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
2.
The difference between a tax deduction and a tax credit is that _______.
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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.
3.
The federal tax rate you pay will vary depending on your age.
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False. It varies depending on your filing status.
4.
You can take a tax deduction for some education-related expenses. Which of the following does that include?
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All of the above. All of these expenses qualify.
5.
Social Security is a federal _______.
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Retirement and disability income program.