Test your knowledge

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

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Interest paid on student loans

Tuition

Fees

All of the above

All of the above. All of these expenses qualify.

There is one federal income tax rate that all taxpayers pay.

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True

False

False. As you earn more money, your rate increases.

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

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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.

Which federal program provides health care coverage for all US citizens age 65 or over?

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Social Security

Medicare

Medicaid

None of the above

Medicare. Medicare is paid for in part by taxes on our income.

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.

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