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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.

How do IRAs, 401k plans, health savings accounts and flexible spending accounts help lower your income taxes?

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You get to deduct the money you contribute to them from your income.

Participating in one of these plans means you don't have to pay any taxes at all.

They don't actually help lower your income taxes.

You get to deduct the money you contribute to them from your income. When you deduct the contributions you make to them, there is less money for you to be taxed on.

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.

What is the standard U.S. individual tax return called?

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The W2

The 1040

The IRS form

The 1099

The 1040. IRS Form 1040 is the standard form.

Only employees pay Social Security taxes on their earnings.

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True

False

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

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