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When it comes to your taxes, what is the standard deduction?

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A list of specific deductions that you make yourself

A pre-set amount of money that you get to deduct

A tax credit for working families

None of the above

A pre-set amount of money that you get to deduct. As opposed to itemized deductions, the standard deduction is simpler and saves more money for most taxpayers.

What kind of retirement planning contributions can help you save money on filing your taxes currently?

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A health savings account

A traditional IRA

A Roth 401(k)

A traditional IRA. Contributions to a traditional IRA can help you save money on filing your taxes currently. Roth 401(k)s cannot, and health savings accounts are not retirement plans.

If you had more income tax taken out of your paycheck than you actually owe in taxes, what can you expect to happen?

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You will get a refund.

You will owe more taxes.

The government will call it even.

You will get a refund. You had too much taken out. When you do your taxes in the spring, you will find out how much you will get back.

The federal tax rate you pay will vary depending on your age.

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True

False

False. It varies depending on your filing status.

Retired workers receive more in benefits from Social Security than they contributed to it during their working years.

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True

False

True. They receive more; this is a big advantage during one's retirement years.

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