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.
What type of tax increases as your income increases?
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Progressive tax. Income tax is an example of a progressive tax.
3.
Which of the following is true regarding tax credits?
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A tax credit reduces the actual tax you owe. Within limits, a dollar of credit reduces your tax by a dollar.
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.
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.