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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.

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.

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.

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.

Social Security is a federal _______.

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Health insurance program

Retirement income program

Disability income program

Retirement and disability income program

Retirement and disability income program.

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