Choose wisely. There is only one correct answer to each question.
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1.
Several different tax forms that get sent to you will list the income you received during the year. Which of the following does NOT list income that you received?
W-4. Your W-4 does not list income you received. But your W-2s and any 1099s you receive will.
2.
Which federal program provides health care coverage for all US citizens age 65 or over?
Medicare. Medicare is paid for in part by taxes on our income.
3.
Which saves you more money -- the standard deduction or itemized deductions?
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.
4.
Many retirement plans are tax-deferred. This means that the earnings that build up in them are not taxed until you take them out.
True. To be tax-deferred means that taxes are not levied until sometime later; in the case of retirement plans, that means when you finally take the money out.
5.
The various income tax filing statuses include _______.
All of the above. There are several statuses that determine your rate.