Personal Finance Courses: Taxes

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1.
What is the name of the United States' tax collection agency?
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The Internal Revenue Service. The Internal Revenue Service is the agency that collects taxes for the United States.
2.
Tax adjustments, deductions and credits all have one thing in common. What is that?
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They reduce the amount of tax you have to pay. Adjustments, deductions and credits all reduce the amount of tax you have to pay. They all do this in different ways.
3.
Many retirement plans are tax-deferred. This means that the earnings that build up in them are not taxed until you take them out.
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True. To be tax-deferred means that taxes are not levied until sometime later; in the case of retirement plans, that means when you finally take the money out.
4.
Which federal program provides health care coverage for all US citizens age 65 or over?
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Medicare. Medicare is paid for in part by taxes on our income.
5.
What type of tax increases as your income increases?
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Progressive tax. Income tax is an example of a progressive tax.