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There is one federal income tax rate that all taxpayers pay.

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True

False

False. As you earn more money, your rate increases.

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.

Which saves you more money -- the standard deduction or itemized deductions?

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The standard deduction

Itemized deductions

Neither

It depends

It depends. For most people, the standard deduction saves more money. But for others, itemized deductions save more. When you do your taxes, you will find out which is better for you.

What kind of retirement planning contributions can help you save money on filing your taxes currently?

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A health savings account

A traditional IRA

A Roth 401(k)

A traditional IRA. Contributions to a traditional IRA can help you save money on filing your taxes currently. Roth 401(k)s cannot, and health savings accounts are not retirement plans.

Everyone will have to pay Social Security tax on all their income, no matter how much it is.

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True

False

False. The amount of earnings one must pay tax on is capped, though it usually changes every year.

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