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

Choose wisely. There is only one correct answer.

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 various income tax filing statuses include _______.

Choose wisely. There is only one correct answer.

Married filing separately

Head of household

Single

All of the above

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

Many retirement plans are tax-deferred. This means that the earnings that build up in them are not taxed until you take them out.

Choose wisely. There is only one correct answer.

True

False

True. To be tax-deferred means that taxes are not levied until sometime later; in the case of retirement plans, that means when you finally take the money out.

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.

Only employees pay Social Security taxes on their earnings.

Choose wisely. There is only one correct answer.

True

False

False. Employers pay the same amount on behalf of their employees, according to how much the employees pay.

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