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Tax adjustments, deductions and credits all have one thing in common. What is that?

Everyone gets them.

You have to work for someone else to get them.

They reduce the amount of tax you have to pay.

None of the above

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.

All other factors being equal, waiting until which age would let you receive the most Social Security benefits?

None of these; the age does not matter

70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.

What type of tax increases as your income increases?

Progressive tax

Regressive tax

Neither of the above

Progressive tax. Income tax is an example of a progressive tax.

Having taxes withheld from your paycheck means you do not need to pay any more taxes.

True

False

False. The taxes that are withheld from your paycheck are estimates of how much tax you must pay. Once you have filled out your tax return and determined the actual amount you owe, you will find that you owe more money or that you will get some money back.

You can take a tax deduction for some education-related expenses. Which of the following does that include?

Interest paid on student loans

Tuition

Fees

All of the above

All of the above. All of these expenses qualify.