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Which federal program provides health care coverage for all US citizens age 65 or over?

Choose wisely. There is only one correct answer.

Social Security

Medicare

Medicaid

None of the above

Medicare. Medicare is paid for in part by taxes on our income.

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.

Which of the following is true regarding tax credits?

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A tax credit reduces your taxable income as reported on Form 1040.

A tax credit reduces the actual tax you owe.

For most taxpayers, the standard tax credit will be larger and more valuable than itemizing your credits.

A tax credit reduces the actual tax you owe. Within limits, a dollar of credit reduces your tax by a dollar.

Which type of account helps you pay for medical expenses while also saving you money on taxes?

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401k

Flexible spending account

IRA

Flexible spending account. A flexible spending account lets you set aside money from your pay, thus reducing the amount of income you will be taxed on.

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.

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