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

Choose wisely. There is only one correct answer.

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?

Choose wisely. There is only one correct answer.

Interest paid on student loans

Tuition

Fees

All of the above

All of the above. All of these expenses qualify.

The various income tax filing statuses include _______.

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Married filing separately

Head of household

Single

All of the above

All of the above. There are several statuses that determine your rate.

The difference between a tax deduction and a tax credit is that _______.

Choose wisely. There is only one correct answer.

A tax deduction reduces your taxable income, and a tax credit reduces your actual tax

A tax deduction reduces your actual tax, and a tax credit reduces your taxable income

A tax deduction always gets you more money at tax time

None of the above

A tax deduction reduces your taxable income, and a tax credit reduces your actual tax. When you do the math, you will find that tax credits get you more money back than tax deductions do.

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

Choose wisely. There is only one correct answer.

True

False

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

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