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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.

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

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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?

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Interest paid on student loans

Tuition

Fees

All of the above

All of the above. All of these expenses qualify.

What type of tax increases as your income increases?

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Progressive tax

Regressive tax

Neither of the above

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

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.

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